ET Bureau & Agencies

New Delhi: Chemicals maker Meghmani Finechem Ltd (MFL) on Thursday posted an almost two-fold jump in its consolidated net profit at Rs 91.56 crore for the second quarter of 2022-23 on robust income. The company had clocked a net profit of Rs 47 crore in the same quarter of the previous fiscal, according to a regulatory filing.

Net income rose by 63 per cent to Rs 557.20 crore on a consolidated basis during the July-September quarter of the current financial year, as against Rs 341.88 crore in the year-ago period.

Expenses remained higher at Rs 415.54 crore as against Rs 270.54 crore earlier.

MFL Chairman and Managing Director Maulik Patel said: “We achieved highest-ever revenue in Q2 FY23. The performance of the quarter is on account of high realizations from majority of our products.”

The first quarter of the current fiscal was an exciting period as the company commissioned all the planned expansion projects, namely Epichlorohydrin plant and additional capacity of caustic soda, he said.

The company is working towards maximising contribution from the new projects. “However, we expect substantial revenue impact from these projects by Q3 FY’23 onwards,” he added.

MFL, incorporated in 2007, has manufacturing facilities in Dahej, Gujarat.