Laxmi Organic Industries’ December quarter operating revenue grew 97 percent year-on-year to Rs 859.9 crore
Laxmi Organic Industries
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Specialty chemical manufacturer Laxmi Organic Industries was locked in a five percent upper circuit on February 2 after reporting healthy quarterly earnings in Q3FY22.
The stock opened and closed at Rs 477.75 on the BSE, up 5 percent, with a market capitalisation of Rs 12,596.49 crore. One of the top gainers among the companies that listed on the bourses in 2021, Laxmi Organic has rallied 267 percent from its issue price of Rs 130 a share.
The chemical-maker registered an 82 percent year-on-year growth in consolidated profit at Rs 82.1 crore in the quarter ended December 2021, driven by robust performance in two segments—acetyl intermediates (AI) and specialty intermediates (SI).
Operating revenue at Rs 859.9 crore in Q3FY22 grew 97 percent year-on-year, the company said in its BSE filing on February 1. The sequential growth in topline was 41 percent and bottomline 464 percent for the quarter.
As a result, earnings per share for Q3FY22 jumped to Rs 3.11, compared to Rs 2.01 in the corresponding period of the last fiscal.
“The strong topline growth was fuelled by a 144 percent growth in acetyl intermediates (AI) and a 113 percent growth in specialty intermediates (SI) on a YoY basis, respectively,” Laxmi Organic Chairman & Managing Director Ravi Goenka said.
The strong performance of AI is largely because of increased realisations and higher volumes, and the robust performance in SI can be attributed to ramped up production and optimising the product portfolio towards higher value-added derivatives.
The operating performance was quite strong as EBITDA at Rs 118.7 crore in Q3FY22 grew by 75 percent and margin expanded by 173 bps YoY to 14 percent. EBITDA is earnings before interest, tax, depreciation and amortisation.
Goenka said the company remained on track to commercialise its SI capex, which would start clocking revenues in Q1FY23.
