Pune-based Praj Industries, a leading industrial biotechnology company, announced its financial results for the third quarter and nine months ended December 31, 2023. The company reported steady performance despite some headwinds in the market.
In the third quarter, Praj's total income from operations stood at Rs. 8,286 million, lower than Rs. 8,824 million in the previous quarter and Rs. 9,115 million in the same quarter last year. Profit after tax (PAT) was Rs. 704 million compared to Rs. 624 million in Q2 FY24 and Rs. 623 million in Q3 FY23. For the nine months ended December 2023, income from operations was Rs. 24,477 million versus Rs. 25,241 million last year. PAT rose 26% to Rs. 1,915 million from Rs. 1,517 million in the first nine months of FY23.
The company received new orders worth Rs. 10,370 million in the third quarter, taking total order intake to Rs. 32,010 million in the nine months. Its order backlog stood at a healthy Rs. 39,500 million as of December 31, 2023.
According to Praj's CEO & MD, Mr. Shishir Joshipura, the quarter saw positive business development in new growth areas.
"The policy restriction on the use of sugar syrup as feedstock created a near-term challenge in the market. Praj has already developed solutions for mitigating the feedstock challenge for our customers and we are confident that these solutions will help restore the opportunity next year," he said.
The pipeline for Praj's upcoming facility in Mangalore is also strengthening, Joshipura added.
Praj is focused on developing technologies for biofuels, renewable chemicals, zero liquid discharge systems, breweries equipment, and process plants across industries. With over 1,000 customer references globally, the company aims to enable sustainable decarbonization through its BioMobility and BioPrism platforms.