Gulshan Polyols announces financial results; revenue rise 34.51%

Ethanol maker Gulshan Polyols Limited has released its Audited Financial Results for the quarter and fiscal year ending March 31, 2024.

As per the revelations, the total revenue of Gulshan Polyols from Operations saw a significant increase of 34.51%, rising from ₹30,153.74 lakhs in Q4 FY23 to ₹40,559.14 lakhs in Q4 FY24.

Gulshan Polyols said that this growth was primarily driven by the production of grain ethanol at its Chhindwara plant in Madhya Pradesh. For the full financial year ending March 31, 2024, revenue from operations reached ₹1,37,797.58 lakhs.

However, EBITDA declined by 28.97%, dropping from ₹2,888.38 lakhs in Q4 FY23 to ₹2,051.67 lakhs in Q4 FY24, with margins falling from 9.58% to 5.06% due to increased raw material costs.

The Profit After Tax (PAT) also decreased, standing at ₹636.77 lakhs in Q4 FY24, compared to ₹1,455.00 lakhs in Q4 FY23, marking a 56.24% decline largely due to high raw material prices driven by elevated demand for grain across the country.

Reflecting on Q4 FY24’s performance, Gulshan Polyols stated, “We are pleased to share our financial and business performance for Q4 FY24 and H2 FY24. Revenue from operations stood at ₹40,559.14 lakhs in Q4 FY24, up from ₹30,153.74 lakhs in Q4 FY23. Additionally, on the ESG front, we continue to positively impact the community and remain committed to sustainability in all our operational and growth strategies.”

Dr. Chandra Kumar Jain, Chairman & Managing Director, commented on the financial results, “As a leading specialty chemical and ethanol manufacturer, our strategic focus remains on expanding both domestically and internationally. We are confident in our ability to become a strong and credible global supplier, further reinforcing our industry leadership. Through our proactive approach, sustainability initiatives, and strategic process improvements, we have effectively navigated challenges and maintained consistent growth. Our established capabilities have been crucial to our success, highlighting our dedication to excellence in the industry.”