Meghmani Finechem Limited (MFL), India’s leading integrated chemical manufacturer, yesterday announced its financial results for the quarter ended June 30, 2023. The company posted revenue of Rs.  455 crore as against Rs. 533 crore in Q1FY23. PAT for the quarter ended June 30, 2023 was at Rs. 32 crore as compared to Rs. 108 crore  in Q1FY23. Commenting on the results, Maulik Patel, Chairman and Managing Director, MFL said: “FY2023-24 started with a quarter that witnessed global level slowdown and inventory destocking, impacting the chemical industry both at demand level and also at realization level. MFL too got impacted during the quarter gone by, on account of drop in realizations. However, MFL achieved volume growth of 11% YoY in Q1FY24; this volume growth is in line with our expansion plans resulting in volume coming from CPVC Resin, Epichlorohydrin and Hydrogen Peroxide. Revenue contribution from Derivatives and Specialty Chemical stood at 38% compared to 21...

INOVYN has announced to extend its certification from The Roundtable on Sustainable Biomaterials (RSB) to include the production of BIOVYN from its Jemeppe site in Belgium. BIOVYN is a new range of PVC that is produced with 100% substitution of fossil feedstock by biomass, enabling a greenhouse gas saving of over 90% compared to conventional PVC.  After a successful launch and certification of BIOVYN as a world first from our Rheinberg site in Germany back in October 2019, INOVYN now further extends its RSB certification to BIOVYN production at the Belgian site of Jemeppe, thereby offering an even wider range of sustainably produced PVC grades. RSB is a global, multi-stakeholder independent organisation that drives the development of a new world bioeconomy through sustainability solutions, certification, and collaborative partnerships. This development broadens INOVYN’s production network across Europe and strengthens our long-term growth strategy to improve...

Oil-to-telecom giant Reliance Industries Ltd has registered a jump of 53% in its gross revenue at Rs 242,982 crores (US$ $ 30.8 bn ) during April – June 2023. EBITDA for the quarter is Rs 40,179 crores ($ 5.1 bn), higher by 45.8%. The company registered a net profit of Rs 19, 443 crores ($ 2.5 bn), higher by 40.8%. The company recorded highest ever quarterly revenue for O2C business despite a volatile environment. “Despite significant challenges posed by the tight crude markets and higher energy and freight costs, O2C business has delivered its best performance ever. I am also happy with the progress of our Consumer platforms,” said Chairman and Managing Director Mukesh Ambani in a press statement. During the quarter, the O2C business delivered its best-ever quarterly performance with all-time-high Revenue and EBITDA. “Segment Revenues for 1Q FY23 increased by 56.7% Y-o-Y to Rs 161,715 crore primarily on account of higher crude oil and product prices. Benchmark...