The company said it will set up a joint venture with Switzerland-based fragrance firm Givaudan for setting up a greenfield production facility in Mahad for manufacturing highly specialized aroma chemicals.
The net profit of the company jumped 39 per cent to Rs 30.26 crore in the quarter ended on June 30, 2021, it said in a regulatory filing. The company had reported a net profit of Rs 21.83 crore in the year ago quarter.
Shares of Privi Speciality Chemicals surged 14 per cent to Rs 1,518.15 on Friday. BSE Sensex was trading at 52,737.75, 84.68 points, or 0.16 per cent, higher, at the time of writing this report. Its scrip settled at Rs 1,331.85 on Thursday.
Revenue from operations rose 16 per cent to Rs 332.76 crore in June 2021 quarter from Rs 287.74 crore in June 2021 quarter.
“The JV has been approved by the board of directors of PSCL in a meeting held on July 29, 2021. Privi will hold 51 per cent of the equity of the JV company,” Privi said in a separate BSE filing.
Both the companies have signed an agreement for the JV. For the said purpose a subsidiary company with proposed name “Prigiv Specialties Private Limited” (subject to availability) shall be incorporated, it added.
