Profit before tax slipped 8.59% year on year to Rs 97.50 crore during the quarter.

EBITDA stood at Rs 127.6 crore in the September quarter, down 3.9% as against Rs 132.8 crore reported in Q2 FY23. EBITDA margin improved to 12.9% in Q2 FY24 as compared to 10.7% recorded in the corresponding quarter previous year.

On half-yearly basis, the company's consolidated net profit dropped 17.17% to Rs 152.60 crore on 19.77% decline in revenue from operations to Rs 1,924.89 crore in H1 FY24 over H1 FY23.

U. Shekhar, managing director, Galaxy Surfactants, said, “Volume growth registered across all regions and segments in Q2FY24 is a strong positive. While the Profitability has declined marginally, across the board volume growth clearly implies demand revival. India continues to remain a big positive for us. Easing inflation and macro issues in Africa Middle East, and Turkey have enabled strong performance-surfactant volumes recovery. Barring for any adverse spillover effects of the war, we do see this trend continuing.

While Masstige specialties have done very well in India, AMET and ROW, premium specialities continue to lag due to the inventory destocking situation in North America and recessionary conditions in Europe. But given the low single digit sequential improvement seen in Q2FY24, we do expect a better 2024 for our premium specialties.

Going ahead, barring for any adverse supply led shocks, volume growth should remain in the upper band of 6- 8%. Easing inflation and improvement in demand for premium specialties will gradually ensure improvement in EBITDA/MT from FY 2024-25.”

Meanwhile, the company’s board, based on the recommendation of the Nomination and Remuneration Committee, has approved the appointment of K. Natarajan as a managing director of the firm, effective from 18 February 2024 for the period of 3 years. The appointment is subject to the approval of members and any other approvals as may be required.

U. Shekhar, managing director & promoter of company will be completing his term as the managing director at the close of business on 17 February 2024. He will, however, continue as a non-executive, non-independent director of the company, liable to retire by rotation, effective 18 February 2024, subject to the approval of the members.

Subsequently, the company informed that its whole-time director, Vaijanath Kulkarni will be re-designated as executive director & chief operating officer of the firm, with effect from 18 February 2024.

Further, the board has approved the formation of the wholly owned subsidiary in Europe with an proposed authorised capital of EUR 500,000. The proposed subsidiary would be in the business of investment holding, trading & marketing, distribution, manufacturing etc. of Surfactants and Specialty Ingredients & Chemicals

Galaxy Surfactants is leading manufacturers of performance surfactants and specialty care products with over 210+ product grades. These products are used in consumer-centric home and personal care products like hair care, oral care, skin care, cosmetics, soap, shampoo, lotion, detergent, cleaning products etc.