Tanfac Industries Limited , a joint sector company with TIDCO and Anupam Rasayan India Ltd., has announced a significant business development that could potentially boost its financial performance in the coming years.

Contract Details

The company has secured a substantial contract from Kredence Electronics Materials India Private Limited, based in Vadodara, for the supply of solar-grade diluted hydrofluoric acid. Here are the key details of the contract:

Strategic Implications

This contract represents a significant milestone for Tanfac Industries, potentially strengthening its position in the chemical manufacturing sector. The agreement not only provides a steady revenue stream for the next few years but also demonstrates the company's capability to meet the demands of the growing solar industry.

Management Commentary

Ravichandran N R, President & CFO of Tanfac Industries, expressed enthusiasm about the new contract, stating, "We are delighted to secure this esteemed order, which demonstrates the continued trust reposed in TANFAC by leading industry partners. This achievement reaffirms our position as a vital player in the chemical manufacturing sector and supports our commitment to meeting the evolving needs of our customers with consistency and integrity."

Company Background

Tanfac Industries Ltd, established in 1972, is a key player in the production of Hydrofluoric Acid and its derivatives. The company's manufacturing facilities are located in the SIPCOT Industrial Estate, Cuddalore, Tamil Nadu. Tanfac Industries began commercial production in March 1985 and has since expanded its product portfolio to include Anhydrous Hydrofluoric Acid, Sulphuric Acid, Potassium Fluoride, and Potassium Bifluoride, among others.

Market Impact

While the long-term impact of this contract on Tanfac Industries' financial performance remains to be seen, the substantial order value and extended duration suggest a positive outlook for the company's revenue and potentially its market position in the coming years.

Investors and market watchers will likely keep a close eye on how this development influences Tanfac Industries' performance in the chemical manufacturing sector, particularly in the context of the growing demand for materials in the solar energy industry.

Tanfac Industries Limited, a joint sector company with TIDCO and Anupam Rasayan India Ltd., has announced its unaudited financial results for the second quarter and first half of the fiscal year. The company's Board of Directors convened on October 16 to review and approve the financial statements for the period ending September 30.

Key Financial Highlights

Board Meeting Details

• The Board meeting commenced at 13:15 and concluded at 15:55.
• Financial results were prepared in accordance with Indian Accounting Standard 34 for interim financial reporting.
• Independent auditors Singhi & Co. conducted a limited review of the financial results.
• The results were submitted to BSE Limited along with the limited review report.

Financial Review Process

The company adhered to regulatory requirements by conducting a thorough review of its financial performance. The process included:

1. Preparation of unaudited financial results by the company's management.
2. Review and approval by the Board of Directors.
3. Limited review conducted by independent auditors, Singhi & Co.
4. Submission of results and review report to BSE Limited in compliance with SEBI regulations.

Auditor's Statement

Singhi & Co., the independent auditors, stated in their review report:

"Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited financial results prepared in accordance with the applicable Indian Accounting Standards ('IND AS') prescribed under section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended, including the manner in which it is to be disclosed, or that it contains any material mis-statement."

This statement from the auditors provides assurance to stakeholders regarding the accuracy and compliance of the financial results with relevant accounting standards and regulatory requirements.

Conclusion

Tanfac Industries Limited has demonstrated mixed financial performance in the second quarter, with significant revenue growth but a decline in profitability. The company's commitment to transparency and regulatory compliance is evident in its prompt review and disclosure of financial results. The involvement of independent auditors underscores its dedication to maintaining investor confidence and meeting its obligations as a listed entity.

Investors and stakeholders can access the detailed financial results through the appropriate channels as provided by the company and BSE Limited.