Meghmani Finechem Q2 net jumps 83 pc to Rs 47 cr

Meghmani Finechem Ltd MFLon Tuesday posted an 83 per cent increase in standalone net profit at Rs 47 crore for the quarter ended September. The company was listed on the BSE and NSE on August 18 this year.Net revenue rose 61 per cent to Rs 340 crore in the second quarter of the 2021-22 fiscal from Rs 211 crore in the same quarter of the previous year.

Meghmani Finechem Ltd (MFL)on Tuesday posted an 83 per cent increase in standalone net profit at Rs 47 crore for the quarter ended September. Net profit stood at Rs 26 crore in the year-ago period, according to a regulatory filing. The company was listed on the BSE and NSE on August 18 this year.

Net revenue rose 61 per cent to Rs 340 crore in the second quarter of the 2021-22 fiscal from Rs 211 crore in the same quarter of the previous year. Meghmani Finechem Chairman and Managing Director Maulik Patel said, ''We are delighted with the stellar performance delivered in the first half of this fiscal. ...While the demand environment remains robust, our margins were slightly impacted due to inflationary pressure on raw material prices, primarily coal.'' Despite this, the company is confident that margins would be sustained in the similar range of 28-32 per cent, he added. Patel further said its plants have achieved higher capacity utilisation and projects are on track for completion. ''As per the growth outlook, we are convinced that the demand will continue to be robust, and we are strategically positioned to fully capture this demand. We are sure of achieving our long term revenue guidance of Rs 2,000 crore by FY'24,'' he added. The company's shares rose 5 per cent to settle at Rs 868.75 apiece on the BSE on Tuesday. 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.

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