Fine Organic Industries Limited, a leading specialty chemicals manufacturer, has announced its financial results for the second quarter, demonstrating a mixed performance amid challenging market conditions.

Financial Highlights

For the quarter, Fine Organic Industries reported:

The company's consolidated net profit saw a decrease of 7.7% year-over-year, falling from ₹1.17 billion in the same period last year to ₹1.08 billion. Revenue from operations showed a marginal growth of 0.3%, increasing to ₹5.98 billion compared to ₹5.96 billion in the same quarter of the previous year.

EBITDA Performance

The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) declined to ₹1.35 billion from ₹1.51 billion in the previous year, representing a 10.6% decrease. Consequently, the EBITDA margin compressed to 22.63% from 25.28%, a reduction of 265 basis points.

Business Outlook

While Fine Organic Industries managed to maintain a slight increase in revenue, the decline in profitability and EBITDA suggests challenges in maintaining operational efficiency or managing costs effectively. The company may need to focus on cost optimization and operational improvements to enhance its profit margins in the coming quarters.

The mixed results highlight the complex market dynamics facing the specialty chemicals sector, with companies like Fine Organic Industries navigating fluctuating input costs, market demand, and competitive pressures.

Fine Organic Industries Limited , a prominent player in the specialty chemicals sector, announced a significant change in its board composition. Ms. Pratima Umarji, an Independent Director of the company, has stepped down from her position, citing ongoing health concerns.

Key Details of the Resignation

• Member of Nomination and Remuneration Committee |

Impact on Board Composition

Despite the change in board structure following Ms. Umarji's resignation, Fine Organic Industries has assured stakeholders that the Board remains duly constituted in accordance with Regulation 17 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Regulatory Compliance

In line with regulatory requirements, Fine Organic Industries has promptly disclosed this development to the stock exchanges. The company has submitted the necessary information as mandated by SEBI regulations, including:

1. The detailed reasons for the resignation
2. Confirmation from Ms. Umarji that there were no material reasons for her resignation other than the stated health concerns
3. Information about her directorships in other listed entities and board committee memberships (reported as nil)

Company's Response

Fine Organic Industries acknowledged Ms. Umarji's contribution to the company. The resignation letter and related details have been made available on the company's website ( https://www.fineorganics.com/ ) for transparency and in compliance with regulatory norms.

This development underscores the importance of corporate governance and the need for timely disclosure of significant changes in board composition. Stakeholders and investors will likely be watching closely to see how Fine Organic Industries manages this transition and maintains the effectiveness of its board committees in the wake of Ms. Umarji's departure.