Himadri Speciality Chemical Q1 net profit more than doubles to Rs 86 crore

Himadri Speciality Chemical Limited's profit after tax during the June 2023-24 quarter has more than doubled to Rs 86 crore, on account of reduced expenses.

It had posted Rs 38 crore profit after tax (PAT) in the corresponding period in 2022-23, Himadri Speciality Chemical Limited (HSCL) said in a regulatory filing on Tuesday.

However, the company's total income fell to Rs 961 crore from Rs 1,048 crore in the year-ago quarter, it said.

The expenses also reduced to Rs 842 crore from Rs 1,000 crore earlier.

"Our performance during this period is attributable to the consistent move towards value-added products. Our business priorities are aligned with global sustainability goals," Anurag Choudhary, CMD & CEO of Himadri Speciality Chemical Ltd said.

He further said that the role of lithium-ion batteries technology has evolved and stabilized over the last few decades to become commercially feasible across all segments viz. Electric vehicles, energy storage and consumer electronics.

The company will continue investment in research and development to enhance Lithium ion batteries performance, safety, and recyclability, ensuring they play a critical role in shaping a greener and more sustainable world.

Kolkata-based Himadri Speciality Chemical Limited is into manufacturing and supply of green energy, anode material for Lithium ion batteries, carbon black, special types of oils and various other materials for industrial usage.