Praj FY23 revenue at Rs 35,280 million

Praj Industries has announced its audited financial results for the quarter and full year ended March 31, 2023. The income from operations stood at Rs 10,039.845 million (Q4 FY22: Rs. 8309.643 million; Q3 FY23: Rs. 9114.647 million). PBT is at Rs 1,128.133 million (Q4 FY22: Rs. 780.636 million; Q3 FY23: Rs. 858.997 million); and PAT is at Rs. 881.151 million (Q4 FY22: Rs. 576.507 million; Q3 FY23: Rs. 623.113 million). The order intake of the company during the quarter is Rs 10,380 million. The Board of Directors proposed a final dividend of Rs 4.50 per equity share at 225 per cent of the face value of Rs 2 per equity share, for the financial year ended March 31, 2023, which is subject to the approval of shareholders at the forthcoming Annual General Meeting. Commenting on the company’s performance, Shishir Joshipura, CEO & MD, Praj Industries, said, “We delivered a healthy and consistent performance throughout FY23 by leveraging our technology edge and strong delivery capabilities. The energy transition and climate action (ETCA) agenda has opened new opportunities for our engineering businesses. Expansion of mobility solutions beyond surface mobility which includes SAF are expanding horizons of opportunity for our business. We are confident of meeting expectations of all our stakeholders, as we move forward on our sustainable journey.” Recently, Praj joined hands with AirAsia India and IOCL to fly the first commercial flight in India powered by a blend of ‘indigenous’ sustainable aviation fuel. The SAF blended in the ATF was produced by Praj using indigenous feedstock leveraging its relationship with Gevo, Inc USA. The IOCL Panipat 2G plant is successfully commissioned and the first ethanol is out. Continuous operations and reliability enhancement plan under implementation. To address the growing opportunity basket from the ETCA segment, Praj is setting up the most modern manufacturing facility to be housed in a new subsidiary – Praj GenX. The new facility will be set up near a major port with a capex of Rs 1000 million. To accelerate commercialisation of bioplastics, Praj is setting up a first-of-its-kind demo plant for Polylactic Acid (PLA) at Jejuri on the outskirts of Pune. This pilot facility will be used for scaled production of food-grade lactic acid and polylactic acid.