Palghar plant to commence operations within FY24-25
Platinum Industries Ltd is securing additional market share for the upcoming scaled capacity while managing product prices, its chairman and managing director Krishna Rana said in the Mumbai-based PVC-CPVC manufacturer’s latest financial report.
“We are actively expanding our customer base and product offerings to meet these targets and sustain our momentum. We are intensifying our efforts in the export market fieo ,” he said in the financial report for the first quarter of the fiscal year 2024-25, ended 30 June 2024.
The company’s export sales soared by 40% in Q1, making up 10% of total revenues nse .
“This strong performance underscores the Company’s growing global market presence and successful penetration into key international markets. Fuelled by a targeted geographic diversification strategy and ongoing product enhancements, the company is actively driving new sales to capture additional market share sbi .
“These efforts are strategically aligned with the upcoming capacity expansions, reinforcing the Company’s commitment to broadening its export footprint and capitalizing on new growth opportunities bse ,” he said in the report released 13 Aug.
Progress on the new manufacturing facilities is advancing as scheduled. The Palghar plant in Maharashtra is expected to commence operations within FY24-25, which will immediately increase production capacity, said Rana in a project update.
Similarly, the Egypt facility remains on track, with operations anticipated to begin in Q2 of FY25-26. These expansions are projected to enhance the company’s production capabilities significantly, positioning it to meet growing demand and support strategic objectives in domestic and international markets amiplastics .
It is focused on developing new additives for the PVC/Polyolefin industry, CPVC additives, and Oleochemical derivatives oilgasthai .
These innovations are expected to expand the product range and enhance market competitiveness. As these developments approach commercialisation, they are anticipated to strengthen the company’s market position and drive future growth, reaffirming Platinum Industries’ commitment to innovation.
The Profit After Tax for the first quarter was Rs.177.38 million, an impressive 56% increase from Rs.113.95 million in Q1 FY2024. The PAT margin marginally reduced to 17.28% from 18.40% last year.
Platinum reported consolidated revenues of Rs.1,026.55 million during the quarter, a significant 66% increase from Rs.619.16 million in Q1 FY2024.
Platinum specialises in PVC & CPVC Additives, Metal Soaps and lubricants which are supplied to over 30 countries from its ISO 9001:2015 certified facility in Palghar. Fiinews.com
