Himadri Chemicals Q2FY23 PAT up nearly 4-fold yoy at Rs35.93 crore on turnaround in carbon materials and chemicals vertical

29 Oct 2022 , 09:59 PM

Himadri Specialty Chemicals reported 64.1% growth in total revenues for the September 2022 quarter on consolidated basis at Rs1,058.91cr.

Revenue increase was 1.17% in sequential terms. For Q2FY23, the growth in the core carbon materials and chemical verticals on yoy basis was 64.7% at Rs1,054 crore.

The power vertical was relatively much smaller. The specialty chemical space has gained smartly in the last few years due to spurt in domestic demand.

Global demand has also been helped by the fact that most investors are trying to allocate more to India to avoid being too dependent on China for supply chains.

Consolidated Profit after tax (PAT) for September 2022 quarter was up 281.83% at Rs35.93 crore and it was down -6.9% on sequential basis.

In terms of operating profit performance, the core carbon materials and chemicals vertical turned around from a let loss of RsRs-4.10 crore to a profit of Rs68.40 crore yoy and that drove most of the profit growth. This had given a boost to the operating profits for the quarter.

Net profit margins at 3.39% in Q2FY23 is higher compared to -3.69%% in Q1FY22 and 0.86% in Q1FY23. During the year, the company allotted 7.25 crore warrants to promoters convertible at 1:1.

Financial highlights for Sep-22 compared yoy and sequentially

	Himadri Chemicals
Rs in Crore	Sep-22	Sep-21	YOY	Jun-22	QOQ
Total Income (Rs cr)	₹ 1,058.91	₹ 645.29	64.10%	₹ 1,046.64	1.17%
Net Profit (Rs cr)	₹ 35.93	₹ 9.41	281.83%	₹ 38.60	-6.92%
Diluted EPS (Rs)	₹ 0.86	₹ 0.22		₹ 0.92
Net Margins	3.39%	1.46%		3.69%