Rossari Biotech down almost 3% on profit booking

The company reported a 37 percent YoY increase in net profit at RS 33 crore and a revenue of Rs 483.5 crore, a 13.7 percent growth in the July-to-September quarter

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Rossari Biotech was trading almost 3 percent lower in the afternoon trade on October 23 on profit booking after the company over the weekend reported a 37 percent year-on-year (YoY) increase in net profit in the July-to-September quarter.

Rossari Biotech reported a net profit of Rs 32.9 crore, the company said in an exchange filing on October 21. Revenue was at Rs 483.5 crore, up 13.7 percent from the year-ago quarter. The EBITDA was up 12.6 percent at Rs 63.6 crore.

Revenue from the home personal care and performance chemicals  (HPCC) segment grew 20 percent YoY to Rs 367.1 crore in Q2FY4. The textile speciality chemicals (TSC) segment grew 5 percent YoY to Rs 85.9 crore. Revenues from the animal health and nutrition  (AHN) segment fell 32 percent YoY to Rs 20.5 crore.

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The HPPC division delivered robust performance for the quarter led by strong contributions from institutional cleaning, paints, and home and personal care. TSC division performance marginally improved YoY, while AHN experienced a dip in performance, mainly attributed to seasonal variations in demand, said the company in its investor presentation.

The company has announced expansion of its Dahej facility. The unit will introduce a 20,000 MTPA capacity dedicated to products related to HPPC for producing ingredients of Rossari Biotech’s subsidiary companies. The investment for this will be around Rs 50 crore.

The company is also set to expand Dahej Facility of Unitop Chemicals Private Limited by an additional 30,000 MTPA to meet future demand. The project is anticipated to entail an investment of Rs 128 crore. Both projects are expected to be commissioned in a phased manner by Q3FY25.

At 1.20 pm, the stock was trading at Rs 800.75 on NSE, down  2.57 percent from the previous close.

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