Meghmani Finechem Ltd on Monday posted a nearly three-fold jump in standalone net profit to Rs 69.68 crore during the third quarter of the current fiscal on the back of strong revenue.
The company had posted a net profit of Rs 24.50 crore in the same quarter previous fiscal, according to a BSE filing.
Net revenue increased to Rs 422.17 crore during the October-December 2021 quarter as compared to Rs 221.50 crore in the year-ago period.
Expenses remained higher at Rs 312.97 crore as against Rs 185.44 crore in the said period. Meghmani Finechem Ltd (MFL) Chairman and Managing Director Maulik Patel said, ''We are glad to report a good performance during the quarter. We have achieved the highest ever topline for nine months of Rs 1,052 crore.''
The commissioning and optimal utilization of CMS and Hydrogen Peroxide (H2O2) drove the company's revenue and profit growth, he said.
The investments undertaken in the last couple of years for diversification of products continue to drive growth and increase the company's competitiveness, he added.
Patel further said, ''We are simultaneously ensuring a sound financial, healthy cash generation and strong liquidity to ensure that we continue to meet all our obligations and commitments timely.''
Further, in line for continuous growth, the company has announced expansion in Chlorotoluene and its value chain and setting up of a R&D facility, which will help to further strengthen the fully integrated complex, he added.
MFL, incorporated in 2007, is a manufacturer of Chlor-alkali products and value added derivatives. The company has state-of-the-art manufacturing facilities in Dahej, Gujarat.
(With inputs from PTI)
