Profit before tax stood zoomed to Rs 139.10 crore in Q2 FY24 from Rs 42.29 crore posted in the same period last year.

During Q2 FY24, total expenses fell 12.02% YoY to Rs 875.24 crore. Cost of materials consumed stood at Rs 750.23 crore (down 22.26% YoY) while employee benefits expense was Rs 28.22 crore (up 8.87% YoY) during the period under review.

The company stated that it has recorded highest-ever sales volume at 1,10,211 MT in the second quarter, up 14.2% YoY.

EBITDA jumped 63.6% YoY to Rs 156 crore in the quarter ended 30 September 2023.

Anurag Choudhary, CMD & CEO of Himadri Speciality Chemical said, “We have already set ambitious goals to achieve net-zero emissions by 2050 with interim targets for 2025 and 2030. As per our present performance status, we are ahead of our annual objective. The business has shown significant improvements in profitability largely attributable to our business strategy to move directionally towards value-added products. We recorded highest ever volumes in our business in the last quarter along with increased margins per MT.

With our continued investment in R&D and our strategic global partnerships, we aim to enhance LiB performance and safety, ensuring they play a critical role in shaping a greener and more sustainable world.

As we move forward, we remain committed to building a sustainable business with a robust product pipeline, a strong clientele, and cutting-edge technologies. Our focus on serving diversified end markets, achieving product leadership, and making continuous financial progress will further drive our growth and success.”

Meanwhile, the company's board has approved the share purchase agreement with existing shareholders of the Himadri Clean Energy to acquire 100% of the equity share capital for Rs 1 lakh.

The acquisition is expected to be completed within 60 days from the date of signing of SPA. The management has proposed to acquire Himadri Clean Energy to make it wholly owned subsidiary (WOS) and to expand business through WOS.

Himadri Speciality Chemical is the largest manufacturer of Coal Tar Pitch (CTP) in India.

Shares of Himadri Speciality Chemical declined 1.46% to Rs 253.05 on the BSE.