Praj Industries Ltd, India’s most accomplished industrial biotechnology company, announced its audited financial results for the quarter and full year ended March 31, 2023. For Q4 FY23 (consolidated), income from operations stood at INR 10,039.845 million (Q4 FY22: INR 8309.643 million; Q3 FY23: INR 9114.647 million), PBT at INR 1,128.133 million (Q4 FY22: INR 780.636 million; Q3 FY23: INR 858.997 million), PAT at INR 881.151 million (Q4 FY22: INR 576.507 million; Q3 FY23: INR 623.113 million), and order intake during the quarter was INR 10,380 million. For FY23 (consolidated), income from operations stood at INR 35,280.378 million (FY22: INR 23,432.744 million), PBT at INR 3,187.249 million (FY22: INR 2,048.772 million), PAT at INR 2,398.182 million (FY22: INR. 1,502.420 million), and the consolidated order backlog as of March 31, 2023, stood at INR 34,140 million (FY22 order backlog at INR 28,780 million).

The Board of Directors proposed a final dividend of INR 4.50 per equity share at 225 percent of the face value of INR 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.

Key Developments

●      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

●      IOCL Panipat 2G plant is successfully commissioned and first ethanol is out. Continuous operations and reliability enhancement plan under implementation

●      To address the growing opportunity basket from ETCA segment, Praj is setting up a modern manufacturing facility to be housed into a new subsidiary- Praj GenX Limited. The new facility will be set up near a major port with capex of INR 1000 million

●      To accelerate commercialization of bioplastics, Praj is setting up a first of its kind demo plant for Polylactic Acid (PLA) at Jejuri in the outskirts of Pune. This pilot facility will be used for scaled production of Food Grade Lactic Acid and Polylactic Acid

●      The board has given in principle approval for formation of a joint venture with IOCL for production of a variety of biofuels. Production of Sustainable Aviation Fuel (SAF) is likely to be the first project out of this JV.

●      Founder Chairman Dr. Pramod Chaudhari was bestowed with the Eminent Engineer Award by the Engineering Council of India (ECI) in the industry category for his exemplary contributions in the engineering field.

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. 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 the expectations of all our stakeholders, as we move forward on our sustainable journey.”

For more information: www.praj.net