Mitsu Chem Plast Achieved A Turnover of Rs 76 Crore in Q2 FY24
Oct 31, 2023
PNN
Mumbai (Maharashtra) [India], October 31: Mitsu Chem Plast Limited (Mitsu) (BSE:540078), One of the largest manufactures of Blow Molding, Injection Molding and Customized Molding, announced its audited Financial Results for Q2 FY24.
Key Financials at a Glance:
Q2 FY24
* Total Income at Rs 76.01 Cr
* EBITDA at Rs 5.42 Cr
* EBITDA Margin is 7.16 per cent
* PAT at Rs 1.50 Cr
* PAT Margin is 1.97 per cent
Commenting on the performance, Jagdish Dedhia, Chairman of Mitsu Chem Plast Limited said, "The robust demand emanating from India's manufacturing sectors, particularly pharmaceuticals and chemicals, is poised to propel the plastic packaging industry. Our customized solutions, characterized by top-notch quality, will undoubtedly secure our leading position in the market.
In light of this burgeoning demand, we are actively exploring the possibility of raising approximately Rs 45 crore through a rights issue, targeting eligible equity shareholders. Of course, this move is contingent on obtaining the requisite approvals from regulatory authorities, which will enable us to capitalize on the surging demand.
Furthermore, we remain steadfast in our commitment to sustainability, pursuing various green initiatives, including energy conservation, adopting advanced technologies, and incorporating efficient machinery within our manufacturing facilities.
Simultaneously, we are making strategic investments in new product launches and value-added offerings to enrich our product portfolio, positioning ourselves as the preferred partner for plastic packaging. By adhering to these strategies and exercising stringent cost controls, we are confident in our ability to achieve robust growth throughout the remainder of the year."
(ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
