Pune-based biotechnology company focusing on renewable transportation fuel is benefitting from demand from international markets, in addition to healthy domestic business to drive growth.
In fact, during the first quarter of FY2024, the company reported revenue of Rs 736 crore, a relatively flat growth compared to the same period last year. The net profit came at Rs 58 crore, up 42 percent, compared to Rs 41 crore last year.
During the quarter, the company received new orders worth Rs 1,101 crore, of which 35 percent was from international markets.
Shishir Joshipura, CEO & MD, Praj Industries said, “We have started FY2024 on a positive note with a healthy order book and improvement in profitability. With a positive business environment, increasing share of international orders, and strong delivery capabilities, we hope to continue on our growth journey.”
The company recently partnered with Indian Oil Corp to advance biofuel production in the country. They are betting on India’s agrarian economy to help reduce import dependence and also cut down on emissions.
