Vishnu Chemicals Q3 net profit rises 29%

Vishnu Chemicals board also took note of a proposal that equity shares may be issued to promoters, HNIs and other investors on a preferential basis at a later stage, the filing said.

Speciality chemicals maker Vishnu Chemicals Ltd on Friday posted a 29 per cent rise in its consolidated net profit at Rs 31.74 crore in the third quarter of the current fiscal.

Its profit stood at Rs 24.60 crore in the same quarter previous fiscal year, according to a regulatory filing.

The board has also approved raising of Rs 300 crore funds through Qualified Institutions Placement (QIP), subject to necessary approvals.

The board also took note of a proposal that equity shares may be issued to promoters, HNIs and other investors on a preferential basis at a later stage, the filing said.

According to the filing, the company's total income rose on a consolidated basis to Rs 331.45 crore during the October-December quarter of the 2022-23 financial year, as compared to Rs 299.41 crore in the year-ago period.

Overall expenses remained higher at Rs 289.36 crore as against Rs 265.57 crore in the said period.

"The outlook appears positive and is driven by a combination of micro and macro factors," Vishnu Chemicals Chairman and Managing Director Krishna Murthy said.

The company's market share is expanding due to its multi-site capabilities, manufacturing focus, procurement strategies and balanced approach to improve our profits, he added.

Shares of the company closed 1.16 per cent down at Rs 244.55 apiece on the BSE.