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Rossari Biotech hikes prices, sees 50% jump in revenue, profit this fiscal

The board has set us a target to more than double our revenue and profit from the FY'20 levels by FY'23, both through organic as well as inorganic routes.

October 06, 2021 / 08:56 PM IST
Largest textile specialty chemical manufacturer Rossari Biotech.

Largest textile specialty chemical manufacturer Rossari Biotech.

The largest textile specialty chemical manufacturer Rossari Biotech, which had a successful IPO amidst the first wave of the pandemic, is expecting to close FY'22 with at least 50 per cent growth in both topline and bottomline on the back of rising demand and a substantial price hike that will help boost margins.

Apart from being the largest textile specialty chemical manufacturer, Rossari is also a leading supplier of specialty chemicals to the animal and poultry feed industry, and FMCG companies and is present in 17 overseas markets like including Bangladesh, Vietnam and Mauritius.

The city-headquartered firm hit the market with a Rs 496-crore initial share sale in July 2020 that was a runaway success with 79 times over-subscription and a 57 per cent listing day rally from issue price of Rs 425. Since then it has rallied massively to peak at Rs 1,592 last month and closed at Rs 1,489.60 on Wednesday.

The board has set us a target to more than double our revenue and profit from the FY'20 levels by FY'23, both through organic as well as inorganic routes.

"We closed FY'21 with Rs 709 crore in topline and Rs 80 crore in net income, which respectively stood at Rs 600 crore and Rs 65 crore in FY'20. I expect to close the current fiscal with a 50 per cent growth in both turnover and profit," Sunil Chari, the co-founder and managing director of Rossari, told
PTI
first published: Oct 6, 2021 08:56 pm
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