Rossari Biotech Q2 FY24 results: Record performance with increased revenue and profit

Rossari Biotech, an India-based Speciality-Chemicals manufacturer, showcased a remarkable Q2 FY24 performance with revenue from operations reaching Rs. 483.5 crore, up from Rs. 425.4 crore in Q2 FY23. EBITDA rose to Rs. 63.6 crore, while PAT increased significantly to Rs. 32.9 crore, marking a notable year-over-year growth.

Promoters’ Statement on Q2 FY24 Results

Edward Menezes, Promoter & Executive Chairman, and Sunil Chari, Promoter & Managing Director, jointly commented, “We are pleased to report a record quarter for Rossari… Our technology-backed, eco-friendly product portfolio addresses both current market demands and future sustainability challenges… We believe that our strategic emphasis on customer diversification…positions us favourably to ensure sustainable operational and financial performance in the future.”

Key Financial Highlights from Q2 FY24 vs Q2 FY23

• Revenue from operations rose from Rs. 425.4 crore to Rs. 483.5 crore.
• EBITDA surged to Rs. 63.6 crore from Rs. 56.5 crore.
• PAT witnessed a leap, standing at Rs. 32.9 crore from Rs. 23.9 crore in the previous year.
• EPS (Diluted) increased from Rs. 4.3 to Rs. 6.0.

H1 FY24 Comprehensive Performance Insights

The consolidated financial results for H1 FY24 also displayed positive momentum with revenue from operations at Rs. 894.1 crore, EBITDA at Rs. 121.3 crore, and PAT at Rs. 62.2 crore. The EPS (Diluted) for the period was reported at Rs. 11.2.

Rossari’s Strategic Growth and Expansion Plans

Rossari Biotech is committed to innovation, and in alignment with its growth strategy, the company announced expansion plans for its Dahej facility. This includes the introduction of a 20,000 MTPA capacity dedicated to HPPC products in the specialty chemical space, anticipating an investment of Rs. 50 crore. Furthermore, the Unitop Chemicals Private Limited’s Dahej facility is set to see an expansion of its Ethoxylation capacity by an additional 30,000 MTPA, with a projected investment of Rs. 128 crore. Both projects are expected to be fully operational by Q3 FY25, funded by a combination of the company’s internal accruals and external borrowings.