Heranba Industries Q3 FY23 profit falls by 73% to Rs 14.4cr

Heranba Industries has reported a profit after tax of INR 144 million for the third quarter of the fiscal year 2023 (Q3 FY23), which is a decline of 73.1% compared to INR 535 million in the same quarter of the previous fiscal year.

The Indian agrochemical company registered revenues of INR 2,802 million for the reported quarter ended 31 December 2022, which is a decrease of 29.1% compared to INR 3,954 million for Q3 FY22.

Heranba Industries said that its EBITDA was INR 264 million during the reported quarter with EBITDA margin of 9.41%.

Raghuram K. Shetty — Heranba Industries Managing Director said: “The Company’s 9M FY23 revenues stood at ₹10,655 million impacted by challenging global macros including prolonged geopolitical concerns, rising inflation in major economies and slowdown in demand.

“The domestic technical business witnessed lower demand due to challenging market conditions coupled with higher inventory. Our export business was impacted by volatile global macroeconomics. The EBITDA margins were suppressed during 9MFY23 due to higher raw material prices and an increase in power & fuel costs.”