Mitsu Chem Plast reports Q2 FY 24 PAT at Rs. 1.50 Cr
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Mitsu Chem Plast reports Q2 FY 24 PAT at Rs. 1.50 Cr

The robust demand emanating from India's pharmaceuticals and chemicals, is poised to propel the plastic packaging industry

  • By ICN Bureau | November 02, 2023

Mitsu Chem Plast Limited (Mitsu), One of the largest manufactures of blow molding, injection molding and customized molding, announced its unaudited Financial Results for Q2 FY24.

For the quarter, Mitsu posted a total income at Rs. 76.01 crore, EBITDA at Rs. 5.42 crore, EBITDA margin of 7.16% and PAT margin of 1.97%

Commenting on the performance, Jagdish Dedhia, Chairman of Mitsu Chem Plast Limited said, "The robust demand emanating from India's manufacturing sectors, particularly pharmaceuticals and chemicals, is poised to propel the plastic packaging industry. Our customized solutions, characterized by top-notch quality, will undoubtedly secure our leading position in the market.

In light of this burgeoning demand, we are actively exploring the possibility of raising approximately ₹45 crore through a Rights issue, targeting eligible equity shareholders. Of course, this move is contingent on obtaining the requisite approvals from regulatory authorities, which will enable us to capitalize on the surging demand.

Furthermore, we remain steadfast in our commitment to sustainability, pursuing various green initiatives, including energy conservation, adopting advanced technologies, and incorporating efficient machinery within our manufacturing facilities.

Simultaneously, we are making strategic investments in new product launches and value-added offerings to enrich our product portfolio, positioning ourselves as the preferred partner for plastic packaging. By adhering to these strategies and exercising stringent cost controls, we are confident in our ability to achieve robust growth throughout the remainder of the year."

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