Meghmani Finechem shines on commissioning of wind-solar power plant

Meghmani Finechem aims to stabilize EBITDA margins around the levels of 25-30 percent in FY24 and beyond.

Shares of Meghmani Finechem rose 2 percent in the early trade on June 28 after the company said it commissioned a wind-solar hybrid power plant of 18.34 MW in a move towards green energy.

With the government looking to reduce India's carbon footprint by at least 45 percent by 2050 from the levels seen in 2005, Meghani's initiatives will aid its long-term prospects, the company said. The plant was commissioned through its special purpose vehicle ReNew Green, the company said without disclosing the location of the plant.

At 9.21 am, the shares of Meghmani Finechem were trading at Rs 1,130.55 on the National Stock Exchange, up 1.4 percent from the previous close.

The stock gained nearly 34 percent in the past three months, buoyed by the resilient demand for specialty chemicals thanks to the wide spreading China+1 sentiment.

Follow our live blog for all the market action

In the January-March quarter, the chemicals company reported a 22.57 percent year-on-year decline in net profit to Rs 76.73 crore. Revenue rose 12.73 percent on year to Rs 562.18 crore in the same quarter.

The company aims to stabilise the EBITDA margin somewhere around 25-30 percent in FY24 and beyond, Chairman and Managing Director Maulik Patel had told Moneycontrol in an earlier interview.

Meghmani Finechem specialises in the production and distribution of chemicals. It primary focus is on manufacturing and selling chlor alkali and its various derivatives which have a wide industrial use.

The company is involved in the trading of agrochemical products and its portfolio includes caustic soda, caustic potash, chlorine, hydrogen, chloromethanes, and hydrogen peroxide.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.​​​​​​​​​​