IOL Chemicals and Pharma reports Q1FY23 results

IOL Chemicals and Pharma reported its results for the first quarter ended 30th June, 2022.

The net profit of the company stood at Rs 34.9 crore against Rs 27.8 crore QoQ and Rs 67 crore YoY. The total income stood at Rs 570.2 crore against Rs 579.4 crore QoQ and Rs 524.2 crore YoY. Further, the company’s EBITDA stood at Rs 61.2 crore as compared to Rs 50.1 crore QoQ and Rs 115.9 crore YoY, a company statement claimed.

It further said that the company will strengthen its position in the ‘green solvent’ market by increasing its capacity of Ethyl Acetate by 20 per cent to 120,000 MTPA from 100,000 MTPA before the end of current fiscal. The investment of Rs 15 crore for this capex is being funded through internal accruals only. It will also be making further in-roads into western markets of India through a new plant for specialty chemicals and pharma intermediates. This project, which is expected to be completed in 18 months, will require an investment of Rs 300 crore.