Companies

Neogen Chem’s December quater net up 4%

Our Bureau Mumbai | Updated on February 15, 2021 Published on February 15, 2021

Neogen Chemicals has reported that its consolidated net profit in the December quarter was up four per cent at ₹8.5 crore, as against ₹8.2 crore in the same period last year.

Revenue was up three per cent at ₹85 crore.

The net profit in the quarter would have been higher if not for the 14 per cent increase in finance costs and higher depreciation of 43 per cent due to capex undertaken at Mahape, Vadodara and Dahej facilities.

Further, Neogen has provided an additional layer of safety to its employees during the Covid pandemic, it said.

Haridas Kanani, Managing Director, Neogen Chemicals saidthe performance was supported by robust recovery trends in economic activity as India and the world look ahead of an unprecedented period in recent human history.

Demand for all key products across organic and inorganic chemicals has picked up and restored to normalised levels.

The final phase of Organic Chemicals expansion at Dahej SEZ will be commissioned by end of this fiscal or early June quarter. The second phase of expansion planned at the Dahej SEZ, to be implemented in FY22, he said.

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Published on February 15, 2021
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