Rossari Biotech retains FY24 revenue growth guidance at 10-12%
Rossari Biotech's animal health segment faced some challenges, particularly during the month of Shravan, as a considerable portion of their sales is directed towards the poultry industry.
Specialty chemicals manufacturer, Rossari Biotech has maintained its revenue growth guidance for the fiscal year 2024. The Co-Founder and Managing Director of Rossari Biotech, Sunil Chari, expects 10-12% growth in revenues this financial year.
Rossari Biotech draws a significant portion of its revenue from exports, contributing to about 20% of its total turnover.
"In the last quarter, we achieved approximately ₹105 crore in exports, and in the quarter preceding that, we recorded exports in the range of ₹85-90 crore. In total, we have already secured about ₹190 crore through exports, and we anticipate strong growth in this segment," Chari told CNBC-TV18.
However, Chari said the company's export projections are subject to external factors that remain beyond their control. "The performance of the company’s exports relies heavily on the geopolitical situation, particularly the ongoing tensions in Israel, Palestine, and the wider China sub-continent," he noted.
The company's animal health segment faced some challenges, particularly during the month of Shravan, as a considerable portion of sales were directed towards the poultry industry. Shravan, a period of fasting observed by many, affected the consumption patterns within the poultry sector, leading to a temporary setback in the animal health segment.
Despite these, Rossari Biotech remains confident in its growth prospects and continues to explore new opportunities in the speciality chemicals market.
Shares have declined more than 2% over the past month.
For more details, watch the accompanying video
(Edited by : Shweta Mungre)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Prajwal Revanna Sexual Assault Case: Activist raises concerns over political interference, delayed investigation in the matter
Apr 30, 2024 10:17 PM
Lok Sabha Election 2024: Baramati election outcome will decide the future of Pawar dynasty, says expert
Apr 30, 2024 10:08 PM
Lok Sabha elections 2024: Baramati to Mainpuri, key battles in phase 3
Apr 30, 2024 7:01 PM