ET Bureau & AgenciesMeghmani Finechem Ltd Chairman and Managing Director Maulik Patel said, “We have delivered record operating and financial performance for the quarter”.

New Delhi: Meghmani Finechem Ltd on Thursday posted a nearly three-fold jump in its net profit to Rs 108 crore in the first quarter of the current fiscal on higher revenue. Net profit stood at Rs 37 crore in the same quarter of the previous year, the company said in a statement.

Its total revenue from operations rose 84 per cent to Rs 533 crore during the April-June quarter against Rs 290 crore in the year-ago period.

Meghmani Finechem Ltd Chairman and Managing Director Maulik Patel said, “We have delivered record operating and financial performance for the quarter”.

The first quarter growth was on account of high realisations and volume growth coming from high efficiency/ capacity utilisation from all the products, he said.

The company has commissioned India’s first Epichlorohydrin (ECH) plant based on the glycerol process and has also entered into a joint venture to set up an 18.34-megawatt wind-solar hybrid power plant for internal consumption, he added.

In July, the company also commissioned India’s largest CPVC resin plant.

“Once these new projects stabilise and reach optimum capacity utilisation, it will start contributing in a sizeable way both to the top line and bottom line. We expect that to happen Q3 FY23 onwards,” Patel said.

The company said that the expansion project of caustic soda is moving as per the schedule and should get commissioned in the next quarter.

MFL, incorporated in 2007, is a manufacturer of Chlor-alkali products and value-added derivatives. The company has state-of-the-art manufacturing facilities in Dahej, Gujarat.