Meghmani Finechem profits up 151% in FY22

AHMEDABAD: Meghmani Finechem Limited on Monday announced its profit after tax grew a whopping 151% in the financial year 2022 at Rs 253 crore, backed by higher realisation and improved operational performance.
The company’s revenues from operations stood at Rs 1,551 crore during the fiscal year, backed by strong operating and financial performance.
“The overall plant utilisation increased to 87% in FY 2022, as compared to 81% in FY 2021. Of this, the production of hydrogen peroxide (H2O2) grew 21% during the fiscal year. At the same time, the realisation of caustic soda and caustic potash ECU went up by 74% and 27% respectively,” the company statement states.
“This has been a landmark year for MFL. We made a debut on the stock exchange as an independent entity in August 2021. We have delivered record financial performance. Our strong operational efficiency and internal cost control measures allowed us to maintain margins even with the inflationary pressure,” said Maulik Patel, chairman and managing director of the firm.
The chlor-alkali products manufacturer has announced a target of achieving Rs 5,000 crore of revenue by FY 2027, translating to a 25% CAGR in revenues. “This growth will come from higher revenue contribution of value-added derivatives & specialty chemicals. We have announced plans to enter in Chlorotoluene & its value chain and in a phased manner we will keep on announcing our further capex in the future,” Patel further added.