IndiaMART
Who among these nominees will be IMPACT Person of the Year, 2019?
It’s that time when we look back at names who made an impact on the marketing, advertising & media industry this year. Here are the nominees, as we get set to find out who wins the honour on Dec 5
The much-awaited list of nominees for the exchange4media Group’s flagship property, the IMPACT Person of the Year (IPOY) award for 2019 is finally out. Every year, the IPOY Award is presented to one or more persons who have made maximum impact in the domain of Advertising, Media and Marketing, and influenced the industry with their significant contribution. Some of the past winners of the IPOY Award include Rajan Anandan, former Vice President, Southeast Asia and India, Google (2018), Baba Ramdev of Patanjali Ayurved (2017), Vijay Shekhar Sharma, Founder and CEO of Paytm (2016), Arnab Goswami, former President & Editor-in-Chief, Times Now and ET Now (2015), Punit Goenka, MD & CEO, Zee Entertainment Enterprises Ltd (2014); Vineet Jain, MD, Times Group (2013); Ambika Soni, then Minister for Information & Broadcasting (2012), amongst others.
Here are the contenders for the IPOY title this year:
Kalli Purie, Vice Chairperson, India Today Group
Kalli Purie is the Vice Chairperson of the India Today Group. A serial entrepreneur at heart, Purie has rich experience in running a wide range of media properties such as television channels Aaj Tak, India Today TV, Dilli Aaj Tak, Tez, apps, a digital newspaper, championing world class events such as the India Today Conclave, to devising a social media strategy for the group. She has also spearheaded the launch of five new web portals – TheLallantop.com, DailyO.in, OddNaari.in, Pakwangali.in and iChowk.in, as well as 22 niche mobile-first, digital channels across platforms under the umbrella of Mobiletak.in. Her unified leadership in Print, Television, Digital and events is the cornerstone for the success of synergy in the Group.
Byju Raveendran, Founder and CEO, Byju’s
India’s newest billionaire, Byju Raveendran founded the Bengaluru-based ed-tech company Byju’s in 2008 along with Divya Gokulnath. This learning app helps students prepare for competitive exams like JEE, NEET, CAT, IAS, GRE and GMAT. The entrepreneur’s firm was last valued at $5.7 billion and has raised over $969.8 million funding from investors such as Mark Zuckerberg, General Atlantic, Tencent, Naspers, Qatar Investment Authority, and Canada’s Pension Plan Investment Board (CPPIB) among others. Recently, Byju’s tied up with Disney to launch Disney Byju’s Early Learn app for children aged 6-8 with Disney’s stories. Under Raveendran’s leadership the company crossed Rs 200 crore ($28.61 million) in monthly revenue in April 2019.
Naveen Tewari, Founder and CEO, InMobi Group
Naveen Tewari is the founder and CEO of the Indian unicorn, InMobi. The 41-year-old started InMobi in 2008 after having launched mKhoj which aimed to monetize SMS-based search a year earlier. Then he turned his focus on the broader mobile ecosystem, which proved to be a good bet. In 2011, SoftBank Corp invested $200 million in InMobi, which was considered one of the largest investments in the mobile internet space globally. In 2011, InMobi became India’s first company to cross the $1 billion (around ₹7,115 crore) valuation, earning for itself the appellation of a unicorn. In 2018, inMobi struck a partnership with Microsoft and more recently with WPP to enhance brand experiences. Today, InMobi is not just an advertising player but also a media and software company.
CVL Srinivas, Country Manager, India, WPP
Two years ago, CVL Srinivas was appointed the Country Manager of WPP, India, and his efforts have been instrumental in making India the fastest growing market for WPP, growing at over 12 per cent in the first half of this year. Prior to his current role, he had a successful stint at GroupM where he helped set up Maxus in India before expanding it to APAC. Under Srinivas, WPP acquired digital creative agency The Glitch, mobile agency Madhouse, digital agency Autumn Worldwide and struck a strategic partnership with the InMobi Group to leverage its expertise for marketers. Apart from Group M, Srinivas has held senior management positions in Madison Media and Starcom MediaVest Group. His efforts to set up Mindshare Fulcrum is one of his biggest contributions to the advertising fraternity.
Ritesh Agarwal, Founder and CEO, Oyo Rooms
Twenty-six-year-old Ritesh Agarwal is the founder and CEO of Oyo Rooms. The six-year-old start-up, which today operates in over 80 markets and manages over 1.2 million rooms, is valued at $10 billion. Oyo entered China last year and has about 5,90,000 rooms there across 332 cities. Its existing investors include names like SoftBank Group, Lightspeed Venture Partners and Sequoia India. Today, Oyo Hotels & Homes’ portfolio combines fully operated real estate comprising more than 23,000 hotels and 125,000 vacation homes in more than 800 cities in 80 countries, including the US, Europe, the UK, India, China, Malaysia, Middle East, Indonesia, Philippines and Japan. Under Agarwal’s leadership, Oyo Hotels & Homes has become the world’s third-largest and fastest-growing chain of hotels.
Anuj Khanna Sohum, Founder, Chairman & CEO, Affle
Anuj Khanna Sohum is a serial entrepreneur and innovator. Sohum started Affle (India) Limited, a leading consumer intelligence platform company, with his schoolmate Anuj Kumar in 2006, with the bold ambition of becoming a global leader in the mobile media space at a time when Facebook had not even launched a mobile version. He has also founded two more companies – Anitus Technologies and SecLore Technology. Affle made a strong debut on the Indian bourses (NSE and BSE) on August 8, 2019, as the scrip opened with a premium gain of close to 25 per cent over its issue price. The IPO was oversubscribed 86 times – a record for an Internet company in India.
Dinesh Agarwal, CEO & Founder, and Brijesh Agarwal, Co-founder & Director, Indiamart
Cousins Brijesh Agarwal and Dinesh Agarwal founded IndiaMart InterMesh in 1996 with seed money of Rs 40,000. An online B2B marketplace for business products and services, connecting buyers with suppliers, IndiaMart had close to 5.98 crore registered buyers and a catalogue of over five crore products, supplied by over 47 lakh suppliers as of FY18. Its mobile app has close to 10 million downloads to date on the Google Play Store. Under the cousins’ leadership, the company posted a consolidated profit of Rs 31.4 crore for the quarter ending June 30, 2019. The 23-year-old company launched its Initial Public Offer (IPO) on June 24, 2019, to raise over Rs 474 crore.
IndiaMART InterMESH hits fresh record high, surges 12% in a weak market | Business Standard
The stock hit a new high of Rs 2,143, appreciating 120 per cent against its issue price of Rs 973 per share.
Shares of IndiaMART InterMESH were trading higher for the fifth straight day, up 12 per cent at Rs 2,143 on the BSE, in an otherwise weak market on expectations of strong September quarter earnings. It was quoting at its highest level since its listing on July 4, 2019.
In the past two months, the stock of India’s largest online business-to-business marketplace has zoomed 83 per cent, as compared to a per cent decline in the S&P BSE Sensex. The stock now trades at more than double the value of its issue price of Rs 973 per share.
The online B2B company reported a consolidated net profit of Rs 32 crore during the first quarter (April-June) of the financial year 2019-20 (Q1FY20), as against a net loss of Rs 56 crore during same quarter of the last fiscal. Consolidated revenue grew by 30 per cent on year-on-year (YoY) basis to Rs 147 crore over the previous year quarter. Furthermore, earnings before interest, tax, depreciation and amortisation (Ebitda) margin, too, more than doubled to 25 per cent from 11 per cent, reported in the year-ago quarter.
On September 3, 2019, the company had entered into an agreement to make an investment in Vyapar, a mobile-based business accounting software for small businesses, which lets them use the app or desktop version (of the same) for billing Goods and Services Tax (GST) invoices, managing stock inventory and accounting solutions.
At 10:35 am, IndiaMART InterMESH was up 11 per cent at Rs 2,128 on the BSE. In comparison, the S&P BSE Sensex was unchanged at 37,532 points. The trading volumes on the counter nearly doubled with a combined 90,180 equity shares changing hands on the NSE and BSE.
IndiaMART stock likely to see rerating after Udaan fundraise | Economic Times
According to media reports, Udaan did revenue of ₹65 crore and incurred a loss of ₹60 crore in FY18
India-MART InterMESH has doubled from its IPO price, but higher valuations for a rival web platform could see the shares of the NCR-based company soar.
Udaan, another ecommerce platform for businesses, successfully raised capital at a much higher valuation recently, and that could become a benchmark for entities with similar revenue streams.
A three-year-old startup, Udaan raised $585 million, valuing itself at about $2.8 billion. IndiaMART, which is more established, has revenue almost 7 times of Udaan and is profitable. It is valued at about $800 million at its current price. Further, IndiaMART is the country’s largest online B2B marketplace, with a share of nearly 60 per cent in online B2B classifieds.
According to media reports, Udaan did revenue of ₹65 crore and incurred a loss of ₹60 crore in FY18. In the same fiscal,
IndiaMART did net profit of ₹63 crore and revenue of ₹411 crore. In FY19, India-MART’s revenues grew 24 per cent to ₹507 crore and net profit to ₹85.3 crore, 36 per cent higher. For the current fiscal, analysts expect ₹640 crore of revenue and ₹140 crore in net profit.
At the current price of ₹1,920.6, IndiaMART’s stock is trading at 39 times FY20 estimated earnings, which is fair given the growth opportunity and scalability of the business model. In terms of EV/Ebitda, it is trading at 29 times.
“IndiaMART is all set to sustain its strong growth momentum as businesses are increasingly leveraging online channels for efficient procurement. A large and growing number of buyers and suppliers on the platform are driving up business enquiries, further increasing its attractiveness,” said Pranav Kshatriya, an analyst with Edelweiss Securities.
Valuations also appear attractive. For instance, the stock of Info Edge, which owns the jobsite naukri-.com and is investee in many other companies including Zomato, is trading at over 60 times its FY20 estimated earnings and FY20 estimated EV/Ebitda.
What is further commendable is that unlike most other startup ecommerce companies whose survival depends on their ability to raise funds, leading to multiple equity dilutions, IndiaMART has a cash-surplus balance sheet and a very high promoter holding.
At the end of FY19, cash and cash equivalent was almost ₹700 crore. The promoter holding was also 53 per cent, which is a major comforting factor for the investors.
IndiaMART planning new initiatives to combat slowdown in demand | HBL
B2B e-commerce portal IndiaMART is eyeing a 20-25 per cent growth in turnover this fiscal.
The company, which listed on NSE and BSE in July, is looking to beat the slowdown blues through new additions that include financing options, payment/credit facilitation for buyers and introduction of more brands (including international ones).
According to Dinesh Agarwal, CEO and Founder, IndiaMART InterMESH Ltd continues to be a pre-eminent B2B online marketplace with a deep reach in rural India as well as Tier-III and -IV towns. Moreover, it has set a benchmark for pricing of B2B offerings.
The company already has 200 brands, including JCB, Caterpillar, Kohler, Tata Steel, Jindal Steel and others on its platform and is planning to add more in the coming days.
“There is a slowdown in demand. And, it will not be easy to have high growth numbers. We are hopeful that there will be 20-25 per cent growth in revenues this fiscal,” he told BusinessLine during an interview.
IndiaMART has seen a 28 per cent CAGR over the last 4-5 years. In the first three months of this fiscal (April to June), growth in turnover was around 28-29 per cent.
New initiatives
IndiaMART, Agarwal said, is looking to provide financing options to buyers. It is in the process of tying up with NBFCs and a rollout is likely to happen over the next two-three quarters. “If this picks up, we may explore tieups with banks,” he said.
The recent initiatives include integration of payment gateway and credit facilitation facilities, among others.
Previous ones include introduction of cloud telephony (where there would be missed call alerts, dedicated business calls to suppliers and so on) and customer relationship management software.
It now plans to look into the invoicing and ordering segment and has accordingly invested in Vyapar, a mobile-based business accounting software for small businesses. Vyapar is an invoice accounting and stock inventory app, which can be used SMEs for billing GST invoices, managing stock inventory and accounting solutions.
IndiaMART InterMESH Hits New Record High; Surges Over 100% From Issue Price | Good Returns
On Wednesday, despite overall weak market sentiment, shares of IndiaMART InterMESH Ltd rose by 6 percent to mark a new record high of Rs 1970 on NSE.
With its third consecutive trading session of gains, the stock has surged by 46 percent since its listing on 4 July. Its share value has risen by 103 percent against its issue price of Rs 973 per share.
At its debut on 4 July, the online b2b marketplace was listed at 21 percent higher than its issue price at Rs 1,180 apiece.
IndiaMART InterMESH has a strong holding in the b2b online market. Suppliers on its website – indiamart.com – include SMEs and large businesses that are wholesalers, manufacturers, exporters and retailers. It is a leader in the Indian tech space that follows the classified business model.
In the first quarter of 2019-20, the company reported a consolidated net profit of Rs 32 crore when compared to its net loss of Rs 56 crore during the same period of the previous year.
Online Marketplace Warrior Strikes It Rich | Business World
Sound fundamentals like high profitability and scale saw online marketplace IndiaMART emerge a winner in the IPO sweepstakes.
A Twitter user recently wrote about a rumour doing the rounds that “a cow-dung-plated car could be used as a nuclear bunker”. He got an instant reply — “Such a product is already available on IndiaMART!”
IndiaMART Founder Dinesh Agarwal likes to quote this Twitter exchange to emphasise the place this online marketplace occupies in India’s consciousness.
Meeting Agarwal is an experience in itself. When BW Businessworld caught up with the soft-spoken Agarwal in his 13th floor office in Noida, there were hordes of youngsters pestering him for selfies. Agarwal, 50, is no less than an icon for Indian entrepreneurs and youth.
Incidentally, Agarwal has been a BW Businessworld discovery, and this magazine featured him on the cover in its May 14, 2001 issue as someone who had survived and thrived through the dotcom bust. And thrived Agarwal certainly has. “After the BW Businessworld cover, I went to many places showing it off as my achievement. I even got admitted into IMT, courtesy this,” recalls Agarwal.
IndiaMART, the country’s pre-eminent B2B online marketplace, had everything going for it in 2001 until the 9/11 happened, and suddenly its revenue fell by half. Its traffic then was largely export-oriented, with 80 per cent coming from the US, Europe and Australia.
IndiaMART got another major jolt in 2008, when after a steady period of growth, it realised that exports had become non-competitive in UPA-1, and this was also the period when China was emerging as a major export hub. “We got convinced that our model, centred around exports, won’t work. The exports haven’t picked up majorly since then.”
While IndiaMART began operations in 1996, it was post-2008 that Agarwal thought of focusing on domestic businesses, and it turned out to be a good strategy. With 500 million Internet users, and deep penetration of smartphones, this constituency will only grow.
“In 2010, we were on a growth spree — opening 52 offices in 52 weeks. Our workforce increased from 500 to 2,500 in those 52 weeks,” recalls Agarwal. But 2011 was also a year of deep introspection as Agarwal realised that like 2001, he was losing out on revenues, customers, and even the business model was not working. The next year or two were spent in fine-tuning the business model and product, and this time, he was ready for the smartphone-generation net-savvy young businesses.
Today, IndiaMART statistics say it all. They had 88 million buyers in June 2019. In other words, every fifteenth Indian has registered a query on IndiaMART. They do 3.7 crore match-making every month. Customised products in demand range from mouse pads to antique marble slabs to silver paper plates. In the last 4-5 years, the company has grown at a 29-30 per cent CAGR while costs have increased at 17 per cent. The growth has lasted through shock periods of demonetisation.
The current slowdown, though, worries Agarwal. “While India is not a car market, I have never seen a slump in the two-wheeler demand in the country,” he says. One-third of his customers are monthly-subscription based, and many have seen their businesses getting hit.
So, why and how did he think of an IPO? “For one, it enhances the credibility of the company,” says Agarwal.
And then Intel Capital (Mauritius), which had invested in the company, wanted an exit. “I ran the company for 23 years as a private entity. I want to run this as a public company for the next 20 years,” says Agarwal.
SBI Mutual Fund, HDFC Mutual Fund, ICICI Mutual Fund, Birla Mutual Fund were among the 15 anchor investors. The IPO in a challenging environment was subscribed 36.16 times.
So, what’s the secret to a successful IPO? Says Agarwal: “It’s a difficult journey. After a period of lull, we were the first to go for an IPO. A company ranking high on profitability and scale should go for an IPO,” he says.
He further adds: “IPOs should be done at prices that are good. Some of the recent successful IPOs were done at prices 20 to 30 per cent lower than expected.” Kanpur-educated Agarwal, an IT engineer, came back from the US in 1995 when India was opening up for the next big IT revolution. “Everyone is born with 20 per cent luck. One should crack the formula to get luckier,” he says.
IndiaMART breaks 5-day rising streak | Buisness Standard
IndiaMART InterMESH fell 5.19% to Rs 1,654.90 on profit booking after a recent rally.
Meanwhile, S&P BSE Sensex was down 432.66 points or 1.18% at 36,131.22.
Shares of IndiaMART InterMESH soared 9.24% in the past five trading sessions to settle at Rs 1,745.40 yesterday, 18 September 2019, from its close of Rs 1,597.65 on 11 September 2019.
The stock entered stock exchanges on 4 July 2019 and was listed at Rs 1180, a premium of 21.27% to the initial public offer (IPO) price of Rs 973. On that day, it settled at Rs 1302.55 on BSE, a premium of 33.87% over the IPO price.
Last week, a domestic brokerage had given a ‘buy’ rating on IndiaMART InterMESH with a target price of Rs 1,900.
On BSE, 7,380 shares were traded in IndiaMART InterMESH counter, compared to a 2-week average of 31,000 shares. The stock hit an intraday high of Rs 1,778.35 and an intraday low of Rs 1,603. It hit a 52-week high of Rs 1,782 on 18 September 2019 and a 52-week low of Rs 952 on 28 August 2019.
On a consolidated basis, IndiaMART InterMESH reported net profit of Rs 32.40 crore in Q1 June 2019 compared with net loss of Rs 56.40 crore in Q1 June 2018. Net sales jumped 30% to Rs 147.30 crore in Q1 June 2019 over Q1 June 2018.
IndiaMART InterMESH is an Indian online B2B marketplace. It is a platform to integrate buyers and sellers through business solutions and connects sellers and buyers globally.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
IndiaMART rallies 78% from IPO issue price, hits all-time high in last 9 sessions | CNBC TV18
- IndiaMART InterMESH is country’s largest online market place has already begun to reign over the market. Among 11 IPOs introduced this year,
- IndiaMART was the only one that reported highest gains of about 34.05 percent this year and about 45 percent returns this month.
- The stock has jumped 78 percent in 2.5 months since its issue price.
India’s largest online market place IndiaMART InterMESH has already begun to reign over the market. Among 11 IPOs in 2019, IndiaMART reported highest gains of about 34.05 percent so far this year. The stock price rose about 45 percent in September.
IndiaMART InterMESH made stock market debut on July 4 at the issue price of Rs 973 and rose 78 percent in two and a half month to Rs 1,736 per share today on the NSE. Moreover, IndiaMART shares hit all-time highs in the last nine sessions straight, rising nearly 20 percent.
In terms of earnings performance, the company continues to present strong grip over its financials. During the June 2019 quarter, the company’s revenue from operations rose 29 percent year-over-year to Rs 144 crore.
Earnings before interest, tax, depreciation and amortization jumped 192 percent YoY to Rs 38 crore. As of June 31, 2019, the company’s cash and investments stands at Rs 739 crore.
On the liquidity front, the company’s stands at a comfortable place. Average volume since the listing is at 2.5 lakh shares. So, on the basis of high stock price, the average turnover stands at Rs 35 crore.
Edelweiss in a report said, “We are seeing a strong network effect at play. Growth in suppliers is luring more buyers and driving business enquiries, which in turn is attracting more sellers too. We believe IndiaMART is on the cusp of strong profit growth momentum led by revenue growth and high operating leverage.”
The brokerage initiated coverage on IndiaMART with a ‘BUY’ and ‘Sector Outperformer’ rating. The target price is at Rs 1,900 based on 33x Q3FY21E EPS. Expect the company to generate an earnings CAGR of 50 percent over FY19–21 driven by strong revenue growth and high operating leverage, said the brokerage in the September 12 report.
As of promoter holding, the shareholding structure, as on 30 June 2019, involves 53 percent promoter and promoter group holding, with 23 percent of foreign ownership and 7 percent owned by mutual funds, banks and alternative investment funds. Post-IPO, Intel Capital, Amadeus IV DPF and Accion Frontier Inclusion hold an aggregate of 12.5 percent of the company.
Founded in 1999, the company has 60 percent market share of the online B2B classified space in India, and caters about 82.7 million buyers, 5.55 million suppliers and 60.73 million products and services. The company has 2,915 employees located across 72 offices in the country.
5 newly-listed firms have proved an oasis in return-starved Indian market | Economic Times
Investors searching for an oasis amid volatility in stocks have good options to look at.
Investors searching for an oasis amid volatility in stocks have good options to look at. Shares of select newly-listed companies have been attracting investor interest and rallying despite the ongoing selloff in the market.
They include an asset management company, some chemical players, a housing finance firm and an e-commerce firm. These shares have rallied between 50 per cent and 150 per cent since their listing on the bourses.
Domestic equities have been witnessing strong volatility ever since the July 5 Union Budget amid large-scale desertion by foreign institutional investors (FII) and escalating trade tensions between the US and China.
But these stocks have shrugged off these adversities to rise constantly and reward investors in the process.
HDFC Asset Management | Listing: August 6, 2018 | Return over issue price: 143 per cent
Shares of the company on September 12 scaled its new high of Rs 2,697.50 at the time when the benchmark BSE Sensex is down 8 per cent from its all-time high of 40,312, scaled on June 4 this year.
“A strong parentage and robust track record is the driving force for HDFC AMC with around 15-20 per cent growth in the past 4 years amid consistent rise in asset under management. It is fairly price at this price and we do not foresee much upside post a sharp rise of almost 60 per cent in last 3 months,” said Yogesh Mehta, Founder, Yield Maximiser.
Fine Organic Industries | Listing: July, 2018 | Return over issue price: 102 per cent
This stock traded around Rs 1,580 on September 17 against the issue price of Rs 783. Fine Organic Industries (FOIL) is the largest Indian manufacturer of oleo chemical-based additives and a strong player globally. It produces a wide range of specialty plant-based additives used in the food, polymer, cosmetics, paint, ink, coatings and other specialty application industries. The company’s products fall primarily in two segments including plastic and food.
“We continue to like FOIL’s business model as its presence in oleochemical-based niche products catering industries like plastic, polymer, food emulsifiers and cosmetics offers strong growth opportunity. Present frothy valuations limit upside potential,” Edelweiss Securities said in August.
The company posted 7 per cent and 12 per cent YoY dip in operating profit and net profit at Rs 65 crore and Rs 39.90 crore, respectively, for the quarter ended June 2019.
Aavas Financiers | Listing: October 8, 2018 | Return over issue price: 84 per cent
Affordable housing finance company Aavas Financiers recently hogged limelight after it informed bourses that it has received an investment of Rs 345 crore from IFC, a member of the World Bank Group, through the issuance of non-convertible debentures.
The company (formerly AU Housing Finance) was incorporated in 2011 in Jaipur as retail, affordable housing finance company. It primarily serves low and middle-income self-employed customers in semi-urban and rural areas. A majority of its customers have limited access to formal banking credit. The company’s product offering consists of home loans for the purchase or construction of residential properties and for the extension and repair of existing housing units.
According to Edelweiss Securities, Aavas has all the right ingredients to scale up led by its niche customer profile, prescient investments, excess capital and strong execution capabilities. However, concentrated operations in four states of West India and factors such as increase in regulation by NHB, fall in government incentives for the housing industry or increased competition among players in the housing finance sector could affect Aavas’ business.
IndiaMART InterMesh | Listing: July 9, 2019 | Return over issue price: 75 per cent
IndiaMART is the country’s largest online business-to-business marketplace. According to market experts a large and growing number of buyers and suppliers on the platform are driving up business enquiries, further increasing its attractiveness. As of June 30, the company offers a platform to 88 million registered buyers to search from 62 million products and services, and get connected to over 5.6 million suppliers.
“We are continuously investing in expanding our network, enhancing our technological capabilities and acquiring the best minds from the industry. We are hopeful that these measures would hold us in good stead going forward as well,” said Dinesh Agarwal, Managing Director, IndiaMART InterMESH.
Edelweiss Securities recently initiated coverage of the stock with a ‘Buy’ rating and set the target price at Rs 1,900. “We see value in the stock owing to high entry barriers, network effect-driven pricing power, and negative working capital,” the brokerage said.
Neogen Chemicals | Listing: May 8, 2019 | Return over issue price: 53 per cent
Net profit of the company spiked 92 per cent YoY to Rs 5.49 crore for the quarter ended June 2019. It had reported a net profit of Rs 2.86 crore in the same quarter last year.
The company is a leading manufacturer of Bromine and Lithium-based specialty chemical. It has customers from across multiple industries including pharma, engineering and agrochemical. USA, Europe, Japan and Middle East are the key export geographies of the company.
Mutual fund houses including SBI Contra Fund, Mirae Asset Equity Saving, Axis Mutual Fund, L&T Mutual Fund and Sundaram MF holding together 18.43 per cent stake in the company as of June 2019.
