Meanwhile, the company’s revenue from operations more-than-doubled to Rs 748 crore during quarter under review against Rs 358 crore in corresponding quarter of the previous fiscal. It had posted revenue of Rs 617 crore in previous quarter.
At 10:22 am, the stock was 14 per cent higher at Rs 6,630, as compared to a marginal 0.01 per cent rise in the S&P BSE Sensex. It surpassed its previous high of Rs 6,139 that it had touched on June 2, 2022.
In the past three months, the stock price of Fine Organic has zoomed 56 per cent, as against 8 per cent rise in the S&P BSE Sensex. It has also zoomed 70 per cent in the past six months, as compared to 0.12 per cent decline in the benchmark index.
Fine Organic carries business in India and abroad, as it manufactures, processes, supplies, distributes, deals, imports, exports wide range of oleochemical-based additives used in foods, plastics, cosmetics, coatings and other specialty application in various industries.
The specialty chemicals market in India is one of the fastest growing sectors. The growth of the specialty chemical segment is anticipated to be primarily driven by a number of factors like shift in global supply and recovery in demand from the end-user industry. This is attributed to the growing end-use markets such as construction, textile, automotive and consumer durables.
India is expected to grow at the second highest rate after China and is competing well on factors such as low labor cost, global trade dynamics and uncertainties, relatively lenient environmental norms and regulatory policies to name a few.
The rising demand for processed, packaged and ready-to-eat convenience foods are the driving factors of food additives market. That apart, the pent-up demand for malt drinks, premium ice creams, frozen desserts and other dairy products are other factors of growth for food additives market.
"The changing and diversifying consumer tastes, as well as increasing demand for food and beverages with higher neutritional value, necessitated the use of food additives by food companies are among key opportunities for food additives," the management said.
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