IOL Chemicals and Pharma reports Q2 FY23 results

IOL Chemicals and Pharma has reported results for Q2 FY23 ending 30th September, 2022.

The total income stood at Rs 546 crore against Rs 570 crore QoQ and Rs 548 crore YoY. The EBITDA stood at Rs 37 crore as compared to Rs 61 crore QoQ and Rs 54 crore YoY. The net profit of the company stood at Rs 15.6 crore against Rs 34.9 crore QoQ and Rs 30.8 crore YoY, the company said in a statement.

Commenting on the performance of the company during the quarter, Dr Sanjay Chaturvedi, Executive Director and CEO, said in the statement, “The global economy is going through a roller-coaster ride as central banks battle inflation through rate hikes. Apart from inflation, the global trade is also impacted by uncertain business environment following Russia’s invasion of Ukraine and frequent lockdowns in China, thereby leading to supply chain disruptions.

“For the Indian API manufacturers and specialty chemicals players, the major challenge comes from volatile input costs with raw material and energy prices both impacting the profitability. However, we expect the headwinds to subside going into the second half of this financial year and strongly believe that the worst is behind us in terms of challenges. IOL Chemicals has improved the operational efficiency over last few quarters and we believe this would give us an edge in terms of expanding our margins next quarter onwards.”

The statement also mentioned that the company has invested $2.1 million in the US Pharma, a US-based company that develops novel drug delivery technologies.