Meghmani Organics posts FY23 PAT at Rs. 250 Cr

Meghmani Organics posts FY23 PAT at Rs. 250 Cr

FY23 operating revenue up 2.5% at Rs. 2,557 crore

  • By ICN Bureau | April 30, 2023

Meghmani Organics Limited has reported a revenue of Rs. 2,557 crore amidst challenging global macro- economic scenario during FY2023 . EBITDA stood at Rs. 364 crore during the year, the EBITDA margin was at 14.2% in FY23 impacted by pigments segment which was partially offset by agrochemicals division. PAT stood at Rs. 250 crore in FY23.

Commenting on FY23 performance, Ankit Patel, CEO said “It gives me immense pleasure to share that Meghmani Organics was ranked #1 Fortune Next 500 company by Fortune India. We are grateful to all our stakeholders for their continual support in our capabilities and vision for over three decades. Despite challenging global macro-environment and inflationary pressure, Meghmani Organics top-line grew by 2.5% YoY to INR 2,557 crore in FY23. We are adding meaningful capacities and capabilities in both pigment and agrochemical businesses gearing towards future growth. The Phase I of TIO2 plant (16,500 MTPA) is getting stabilised and it will add meaningful contribution in FY24. The company aims to commission its captive power plant in Q3 Fy24 and double its TIO2 plant capacity to 33,000 MTPA in Phase II.

I am happy to share that our agrochemicals vertical has bagged the prestigious Responsible Care® certification in FY23 reflecting the Company’s continuous improvement in safe chemicals management. It propels us to achieve excellence in Environmental, Health, Safety and Security (EHS&S) performance in the coming years. The MPP is getting stabilised and is expected to make notable contribution in FY24.

The capex towards MNCL for manufacturing Nano Urea (Liquid) fertilizer is progressing as planned and the commercial production is expected in Q4FY24. MNCL eyes annualized revenue of INR 1,000 Crore from Nano Urea plant. The long-term supply contract for 5 years with reputed Multinational Customer for Agro Products will add INR 160 Crore annually to the top-line.

Meghmani Organics continues to retain and attract new clients with its diversified product portfolio and quality products in both pigments and agrochemicals business. We are confident achieving sustainable long-term growth for the esteemed stakeholders aided by our robust business model, financial prudence and strong balance sheet.”

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