Meghmani Finechem shines on commissioning of wind-solar power plant

Shares of Meghmani Finechem rose 2 percent in the early trade on June 28 after the company said it commissioned a wind-solar hybrid power plant of 18.34 MW in a move towards green energy.

With the government looking to reduce India’s carbon footprint by at least 45 percent by 2050 from the levels seen in 2005, Meghani’s initiatives will aid its long-term prospects, the company said. The plant was commissioned through its special purpose vehicle ReNew Green, the company said without disclosing the location of the plant.

At 9.21 am, the shares of Meghmani Finechem were trading at Rs 1,130.55 on the National Stock Exchange, up 1.4 percent from the previous close.

The stock gained nearly 34 percent in the past three months, buoyed by the resilient demand for specialty chemicals thanks to the wide spreading China+1 sentiment.

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In the January-March quarter, the chemicals company reported a 22.57 percent year-on-year decline in net profit to Rs 76.73 crore. Revenue rose 12.73 percent on year to Rs 562.18 crore in the same quarter.

The company aims to stabilise the EBITDA margin somewhere around 25-30 percent in FY24 and beyond, Chairman and Managing Director Maulik Patel had told Moneycontrol in an earlier interview.

Meghmani Finechem specialises in the production and distribution of chemicals. It primary focus is on manufacturing and selling chlor alkali and its various derivatives which have a wide industrial use.

The company is involved in the trading of agrochemical products and its portfolio includes caustic soda, caustic potash, chlorine, hydrogen, chloromethanes, and hydrogen peroxide.

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