Chemical | 04 August 2020
UPL reports doubling of profit in the first quarter
Net profit during the first quarter rose by 209% to Rs 551 crore.
Net profit during the first quarter rose by 209% to Rs 551 crore.
Acquisition is part of its long term strategy to expand its capabilities in bio-engineering technologies.
The alliance combines GranBio's technology in second generation biomass and biofuels with NextChem's engineering intelligence, EPC capabilities and global presence.
Acquisition will help provide Brenntag with greater supply flexibility, manoeuvrability, and additional storage capacity on the east coast of the United States.
The acquisition is expected to close in the third quarter of 2020, subject to regulatory approvals.
The new subsidiary was officially registered on June 26th, and business operations will start from August.
The total value of the transaction, which is subject to an earn-out provision, is between 925 million euros and 1.0 billion euros.
Both sales and bottom-line were impacted as a result of COVID-19
Company's sales dropped by 21.74% YoY and stood at Rs 231.57 crore in Q1 FY21 as against Rs 295.92 crore previous year.
Company's robust expansion plans will help in increasing the revenue potential.
He completed his term on 01 Aug 2020.
Net profit declines by 68% YoY and stood at Rs. 74 crore
EBITDA decreased $112 million versus the second quarter 2019, excluding an unfavorable variance of $34 million due to second quarter 2020 LCM inventory charges.
The new manufacturing Unit-VII has been established at the existing plant site of the company at Barnala.
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The PX-PTA complex shall be integrated with IndianOil’s Paradip Refinery, which is operational from 2015 and will be completed by early 2024.
The company is also in the process of submitting bids for Oil India and ONGC tenders.
Henkel is looking to further its foothold in the D2C market with the new acquisition.
The total fund amount is Rs. 11.86 crore which will contribute to enhancing the income of farmers and will be released in installments.
New project will help in adding an extra 1,00,000 tonnes per annum capacity by January 2022.
Sales drop due to COVID-19 pandemic.
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