Mitsu Chem reports 42 per cent rise in total revenues, profits up 40 per cent

Mumbai (Maharashtra) [India], August 10 (ANI/PNN):
(Mitsu) (BSE:540078), One of the largest manufacturers of Blow Moulding, Injection Moulding and Customized Moulding, announced its unaudited Financial Results for Q1FY2.
- Total revenues for 1QFY23 at Rs 84.69 crore; up by 41.6 per cent
- EBITDA at Rs 9.40 crore; 22.82 per cent YoY growth
- PAT at Rs 5.16 crore; 39.79 per cent YoY growth
- EPS at Rs 4.27 against Rs 3.06; up 39.54 per cent
Commenting on the performance, Jagdish Dedhia, Chairman of Mitsu Chem Plast Limited said, "After having a landmark year FY 22, we continue to ride strongly on growth path. Q1 FY23 financial performance clearly indicate strong Indian consumption story.
Raw material prices were continued to be high which has pressurised our operating margin however rising sales enabled company to report strong operating profitability and increase in the operating efficiency of the company added to the increase in profitability of the company.
Despite various economic and political headwinds, we are optimistic about the future growth of the Company."
Mitsu Chem Plast Limited (BSE - 540078) is a certified polymer-based moulded products manufacturing company, engaged in the business of manufacturing and marketing of technically driven innovative products catering to growing industry sections like Industrial Packaging Solutions, Automotive Components, Healthcare Products, Infrastructure related products and Emergency Handling Solutions with in-house testing and quality control systems and machines.
The key products of the company are Moulded Industrial Plastic Packaging products such as Drums, Jerry Cans, Bottles, Jars and its accessories; Infrastructural furniture parts such as chair shells; Hospital Furniture Parts such as Panels, Railings, Planks, Trolley Parts; Rescue and Safety Equipment such as Spine Board; Automotive Components such as Washer Tanks, Rainhood.
The company majorly supply's to OEMs of various industries such as chemical, pharmaceutical, dyes, agro-chemical, disinfectants, diagnostic, hospital and infrastructure furniture, automotive manufacturers.
The Journey of the Company started 30 years back with a plant situated at Boisar, Tarapur and have enlarged its wings up to three manufacturing units situated in Maharashtra i.e. Two (2) units situated at Boisar, Tarapur and one (1) unit in Khalapur.
Safe harbor statement:
Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential project characteristics, project potential and target dates for project-related issues are forward-looking statements based on estimates and the anticipated effects of future events on current and developing circumstances. Such statements are subject to numerous risks and uncertainties and are not necessarily predictive of future results. Actual results may differ materially from those anticipated in the forward-looking statements. The company assumes no obligation to update forward-looking statements to reflect actual results changed assumptions or other factors.
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