Commenting on the performance, Mr. N B Godrej, Chairman, Astec LifeSciences Limited, said:
1…Astec’s enterprise products business has been witnessing an extremely challenging external market environment. An unusually high level of demand-supply imbalance as well as pricing headwindsseverely eroded the margins in Q2FY24. High level of channel inventories in export markets and continued industry-wide destocking has further delayed recovery.
2.However, Contract manufacturing (CMO) segment maintained strong volume and margin growth, in
line with our expectations. CMO Revenues grew by 3.5x y-o-y with improved profitability led by new
product development.
3.Astec continued with its strategic commitment to R&D projects, business diversification and investing
for the future.
Disc…invested
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