Meghmani Finechem declines post Q1 earnings

The chemical manufacturer reported a decline in profit in the quarter ended June FY24 fell by 71% YoY to Rs 32 crore on drop in realisations.

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Shares of Meghmani Finechem dropped by around 6% after announcing its earnings for Q1FY23 on August 5. The chemical manufacturer reported a decline in profit in the quarter ended June FY24. Profit fell by 71% YoY to Rs 32 crore on drop in realisations. Revenue for the quarter also saw a 15 percent YoY decline from Rs 455 crore for the year-before quarter.

The company reported an 11% YoY growth that was backed by the derivatives & specialty chemical segment. Revenue contributions from the derivatives and specialty chemical segment saw an increase from 21% in Q1FY23 to 38% in Q1FY24.

For the quarter, Meghmani Finechem (MFL) reported a 49% YoY decline in Earnings before interest, taxes, depreciation, and amortisation (EBITDA) from Rs 95 crore with the EBITDA margin falling 1,420 bps to 20.9% in Q1FY24.

Eco shift

Gujarat-based Meghmani Finechem specialises in manufacturing and selling chlor-alkali and its derivatives for both the domestic and international markets.

In June 2023 it was reported that Meghmani Finechem had commissioned a wind-solar hybrid power plant of 18.34 MW in a move towards green energy through a partnership with its special purpose vehicle ReNew Green.

The board of MFL also recently proposed a change in name to Epigral. According to the company, “The proposal is approved by shareholders and Ministry of Corporate Affair. This renaming (approved by stakeholder and Ministry of Corporate Affairs) has been undertaken to strengthen the corporate brand in line with the company’s commitment to transform the company as a global multi-product chemical conglomerate and enhance our reputation as an integral partner for our esteemed clients and stakeholders.”