Anupam Rasayan India, a custom synthesis and specialty chemical company, has signed a letter of intent (LoI) worth $95 million (Rs 700 crore) with a major multinational crop protection company to supply a new life science-related active ingredient.
Anupam Rasayan India will supply this life science-related specialty chemical product under a long-term contract for the next five years. This new molecule complements the customer's existing product portfolio.
The specialty chemicals company produces goods for over 66 domestic and international customers, including 23 multinational corporations.
The company has a long history of high customer retention and has been manufacturing products for a select group of customers for over a decade. The company caters to a diverse base of Indian and global customers
"We are very pleased to announce that this LoI is in line with our strategy of value re-engineering to manufacture high-value products for medium to large volumes and with the supply spanning over five years shows the confidence customers are reposing in Anupam Rasayan's multi-faceted capability and this LoI further expands our high-value product portfolio with major global players," said Anand Desai, managing director (MD) of Anupam Rasayan India.
"This is yet another feather in Anupam's cap, as we have signed LoIs worth Rs 1,800 crore and contracts worth Rs 820 crore in this fiscal year, bringing the total contracts/LOIs signed in this fiscal year to Rs 2,620 crore. These orders demonstrate firm revenue visibility for growth in the coming years through the commercialization of new molecules."
On a combined basis, the company reported 37.2% rise in net profit to Rs 36.05 crore on 13.3% increase in revenue from operations to Rs 248.92 crore in Q2 FY22 over Q2 FY21.
Shares of Anupam Rasayan India rose 0.57% to Rs 1,031.55 on BSE. Anupam Rasayan India is one of the leading companies engaged in the custom synthesis (CSM) and manufacturing of specialty chemicals in India.
