IOL Chemicals & Pharmaceuticals announced that the 34th Annual General Meeting (AGM) of the company will be held on 18 September 2021.

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Net profit of IOL Chemicals & Pharmaceuticals declined 47.47% to Rs 67.00 crore in the quarter ended June 2021 as against Rs 127.54 crore during the previous quarter ended June 2020. Sales rose 12.69% to Rs 518.51 crore in the quarter ended June 2021 as against Rs 460.11 crore during the previous quarter ended June 2020.

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IOL Chemicals & Pharmaceuticals will hold a meeting of the Board of Directors of the Company on 13 August 2021.

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The credit ratings agency has upgraded the rating of the company's long-term bank facilities to 'CARE A+; Stable' from 'CARE A; Stable'. It has also upgraded the ratings on the company's short-term bank facilities to 'CARE A1+' from 'CARE A1'.

The revision in the ratings assigned to the bank facilities of IOL Chemicals and Pharmaceuticals (IOL) takes into account its improved financial risk profile in FY21 (refers to period from April 01 to March 31) marked by healthy growth in the profitability and improved capital structure.

Further, the revision is also on account its strong liquidity and strengthening of debt service metrics.

The ratings continue to derive comfort from the experience of its promoters and the management team, integrated manufacturing facilities and well-established market position in key product (Ibuprofen) manufactured by the company.

The ratings continue to be tempered by the concentration of its total operating income through limited key products and susceptibility of IOL's operating margin to raw material price/price volatility.

IOL Chemicals & Pharmaceuticals is engaged in the manufacturing of acetic acid with a total capacity of 1,35,068 Metric Tonne Per Annum (MTPA) as on 31 March 2021. The company is involved in manufacturing of chemicals (ethyl acetate, acetyl chloride, iso-butyl benzene etc.) and active pharmaceutical ingredients (ibuprofen, metformin, etc.). As on 31 March 2021, the total installed capacity of ibuprofen is 12,000 MTPA.

The company reported 17% drop in net profit to Rs 75 crore on 4% rise in total revenue from operations to Rs 467 crore in Q4 FY21 over Q4 FY20.

The scrip rose 0.80% to currently trade at Rs 671.90 on the BSE.

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