India Glycols Ltd Share Price – NSE  /  BSE

Alcoholic Beverages, Small Cap

Net profit of India Glycols rose 35.47% to Rs 41.63 crore in the quarter ended December 2023 as against Rs 30.73 crore during the previous quarter ended December 2022. Sales rose 63.31% to Rs 904.22 crore in the quarter ended December 2023 as against Rs 553.70 crore during the previous quarter ended December 2022.

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India Glycols will hold a meeting of the Board of Directors of the Company on 2 February 2024.

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Accordingly, the revised capacity of Grain Based Distillery at Kashipur (Uttarakhand) plant is 400 KLPD and is fully commissioned.

In August 2023, the board of India Glycols had approved a proposal to enhance the capacity of grain-based distillery at its Kashipur (Uttarakhand) plant from 300 KLPD to 500 KLPD, i.e., by 200 KLPD, in phases. The first 100 KLPD capacity would be added by Q3 of FY24 and the remaining 100 KLPD would be installed by Q4 of FY24.

The proposed investment required for this was Rs 160 crore, to be funded from internal accruals and bank financing.

The company had cited “increase in demand of ethanol and captive requirements” as the rationale for increasing its Grain Based Distillery capacity.

India Glycols (IGL) manufactures green technology-based bulk, specialty and performance chemicals and natural gums, spirits, industrial gases, sugar and nutraceuticals. IGL operates under three broad segments: bio-based specialities & performance chemicals (BSPC), potable spirits (PS) and ennature biopharma (EB).

The company's consolidated net profit jumped 52% to Rs 38.01 crore on 15.7% increase in net sales to Rs 774.60 crore in Q2 FY24 over Q2 FY23.

The scrip shed 0.58% to currently trade at Rs 750.80 on the BSE.

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OMC includes Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOCL), Hindustan Petroleum Corporation (HPCL) and oil companies includes Reliance Industries and Nayara Energy.

The company has been allocated a quantity, for supplying 16.55 crore litres of ethanol from its grain based ethanol plants situated at Kashipur, Uttarkhand and Gorakhpur, Uttar Pradesh.

The firm will supply 12.80 crore liters to OMCs aggregating at Rs 896 crore and remaining 3.75 crore liters amounting to Rs 268 crore will supply to Reliance Industries and Nayara Energy.

The value of the order is estimated at Rs 1,164 crore including both OMCs and oil companies. The order will be executed during ethanol supply year from 1st November 2023 till 31st October, 2024.

India Glycols manufactures industrial chemicals such as green technology based bulk, specialty and performance chemicals and natural gums and industrial gases; Ethyl Alcohol (Potable) and nutraceuticals.

The company's consolidated net profit jumped 52% to Rs 38.01 crore on 15.7% increase in net sales to Rs 774.60 crore in Q2 FY24 over Q2 FY23.

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