Navin Fluorine International's consolidated net profit surged 54.9% to Rs 106.56 crore in Q3 FY23 as against Rs 68.79 crore posted in Q3 FY22.
Revenue from operations jumped 48.7% year on year to Rs 563.58 crore in the quarter ended 31 December 2022.The company's profit before tax stood at Rs 131.29 crore in Q1 FY23, registering a growth of 40.3% on YoY basis.
Total expenses spiked 51% YoY to Rs 442.21 crore in Q3 FY23 over Q3 FY22. During the quarter, cost of materials consumed soared 68.41% to Rs 267.32 crore and employee expenses increased 46.34% to Rs 68.56 crore.
Consolidated operating EBITDA grew 58% to Rs 155.6 crore in Q3 FY23 from Rs 98.6 crore in Q3 FY22. EBITDA margin improved to 27.6% in Q3 FY23 as against 26% reported in Q3 FY22.
Meanwhile, the company's board approved appointment of Anish Ganatra as chief financial officer and key managerial personnel of the company effective from 9 February 2023. He is a senior finance leader and a qualified chartered accountant having over 27 years of experience with demonstrated bias for creating value across strategy, risk management, planning, performance management, commercial, audit, internal control, transformation, and finance.
Pursuant to the same, Partha Roychowdhury resigned from his position as interim chief financial officer and key managerial personnel with effect from close of business hours of 8 February 2023. He shall continue to render his services to the company as CEO of HPP business.
Navin Fluorine International is one of the manufacturers of speciality fluorochemicals.
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