Himadri Speciality Chemical Q3 net profit more than doubles to Rs 65 crore

Himadri Speciality Chemical Limited (HSCL) on Saturday said it has posted a 168 per cent growth in net profit at Rs 65.21 crore for the December quarter on account of higher revenues. The company had clocked a net profit of Rs 24.30 crore in the October-December period of the preceding 2021-22 fiscal, HSCL said in a release.

Its total income also rose to Rs 1,045.06 crore from Rs 776.65 crore in the year-ago quarter, up 35 per cent. The firm's expenses were at Rs 965.59 crore, higher from Rs 749.36 crore a year ago.

HSCL CMD Anurag Chaudhary said, "We are pleased to announce that we have achieved highest ever sales in nine months in 9M FY23. Our offerings to our customers for various rubber, polymer, fibre, wire and cable, ink and coating applications has increased.''

On his outlook for the lithium-ion battery (LIB) industry, he said these will play a major role in aiding India and rest of the world to meet sustainability and net zero targets.

Global LIB demand is going to grow from a current level of 800 GWh to 6,000 GWh by 2030 at a CAGR of 31 per cent. After China, India has become the second most attractive market for manufacturing which will also witness significant growth in this sunrise sector, he said.

LIB demand in India is expected to increase to 260 GWh by 2030 at a CAGR of 74 per cent, Chaudhary said. Kolkata-based HSCL is into supply of green energy, manufacturing anode material for li-ion batteries, carbon black, special types of oils and various other materials for industrial usage.