The MSA proposes the groundwork for building on the current business as well as the creation of new research and supply agreements between the two companies.

The MSA anticipates an overall revenue of $15 million (approximately Rs 121.5 crore) over the partnership period of minimum 3 years.

The revenues from additional research and supply agreements with the Polaroid Sciences division is not yet included, and will add to the aforementioned.

This partnership contributes to the CRAMS (Contract Research and Manufacturing Services) business model of Aether Industries.

This business model has already seen a growth of 68% year on year for Aether, and this new MSA with Polaroid is expected to further fuel this growth.

Commenting on the signed MSA, Dr. Aman Desai (Promoter and Whole Time Director of Aether Industries) said, “this new MSA is an important milestone in the history of research and development between Aether and Polaroid. We have enjoyed a rich and successful partnership with Polaroid for several years now, including a significant multi-year supply agreement inked in 2019. The new MSA builds upon this earlier agreement, and also expands the cooperation in R&D and manufacturing with both Polaroid Film as well as Polaroid Sciences."

Aether Industries is a speciality chemical manufacturer in India focused on producing advanced intermediates and specialty chemicals involving complex and differentiated chemistry and technology core competencies. Aether is also a leading CRAMS (Contract Research and Manufacturing Services) provider.

On consolidated basis, the company's net profit rose 8% to Rs 27.20 crore on 0.8% decline in net sales to Rs 140.15 crore in Q2 FY23 over Q2 FY22.

Shares of Aether Industries were down 0.10% to Rs 920.05 on the BSE.