Mumbai, January 31, 2025
Styrenix Performance Materials Limited has announced its unaudited financial results for the third quarter (Q3) and nine months (9M) ended December 31, 2024. The company posted robust revenue growth and continued strategic expansion, including the successful acquisition of Ineos Styrolution Thailand.Key Financial Highlights (INR in Crores)
| Particulars | Q3 FY25 | Q3 FY24 | 9M FY25 | 9M FY24 |
|---|---|---|---|---|
| Revenue from Operations | 690.8 | 484.7 | 2,042.7 | 1,623.5 |
| EBITDA (PBDIT) | 75.4 | 59.6 | 272.8 | 198.5 |
| Profit Before Tax (PBT) | 64.3 | 49.7 | 240.9 | 168.8 |
| Net Profit (PAT) | 47.7 | 34.9 | 179.0 | 123.8 |
| Total Comprehensive Income | 47.6 | 34.9 | 178.8 | 123.9 |
| Basic & Diluted EPS (INR) | 27.1 | 19.9 | 101.8 | 70.4 |
Strategic Expansion: Acquisition of Ineos Styrolution Thailand
One of the major milestones for Styrenix in Q3 was the completion of its 100% acquisition of Ineos Styrolution Thailand Co. Ltd. for USD 22.3 million. This acquisition, finalized on January 17, 2025, strengthens Styrenix’s foothold in the APAC region and enhances its specialty plastics portfolio.Key Benefits of the Acquisition
- Expanded Market Reach: Strong presence in Thailand and other Asian markets.
- Enhanced Production Capacity: Includes 85 KT ABS, 100 KT SAN, and 31 KT HRG rubber production capacities.
- Synergy Benefits: Integration with Styrenix’s existing operations to optimize technology, product offerings, and geographical reach.
Operational and Market Performance
Segment-wise Growth & Demand Trends
- Automotive: Two-wheeler demand grew 11% YoY, while four-wheeler demand remained flat.
- Household Appliances: Refrigerators saw ~10% YoY growth, air conditioners ~11%, and washing machines ~7%.
- Small Appliances & Utility Items: Demand increased by ~8% YoY.
Manufacturing Capacity Expansions
- Nandesari Plant Expansion: ABS production capacity was increased by 20% in December 2024.
- Planned Brownfield Expansion: Aiming for an additional 50KT ABS capacity by mid-2026 under Phase 1, followed by another 50KT in Phase 2.
Management Commentary
Rahul R. Agrawal, Managing Director, stated:"Our strategic initiatives continue to enhance Styrenix’s position in specialty polymers. The successful acquisition of Ineos Styrolution Thailand will strengthen our global presence and product capabilities. Additionally, our capacity expansions will support growing demand across key industries."
Outlook for Q4 FY25 and Beyond
- Continued Growth in Polymer Demand: Expected to grow >7% YoY.
- Automotive Market Recovery: While Q3 saw slow four-wheeler sales, a rebound is expected in Q4.
- Market Expansion Strategy: Focus on import substitution in India and penetration into new international markets.
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