Announcements

Noida, June 26, 2025 The Jubilant Bhartia Foundation, in partnership with the Schwab Foundation for Social Entrepreneurship (sister organisation of The World Economic Forum) are proud to announce the finalists of the 16th edition of the ‘Social Entrepreneur of the Year’ India Award 2025. This award recognises and celebrates the outstanding contributions of social innovators in India who have transformed lives and communities through their exceptional socio-business initiatives.

The selected Finalists and their organisations are:

• Kalpana Sankar, Hand in Hand India and Belstar Microfinance, Tamil Nadu – www.hihindia.org
• Piyush Tewari, SaveLIFE Foundation, New Delhi – www.savelifefoundation.org
• Nagakarthik MP, Sauramandala Foundation, Meghalaya – www.sauramandala.org
• Sumita Ghose, Rangsutra Crafts India, New Delhi – www.rangsutra.com

The final winner will be announced on August 8, 2025, in a ceremony in New Delhi, where global leaders and representatives from various sectors will gather to celebrate social entrepreneurship.

Selection Criteria:

• Addressing social inequalities, exclusion and marginalisation
• Unique social model or initiative
• Potential for sustainable, systemic-level change

The Jubilant Bhartia Foundation conducted background research, team interactions, impact assessments, expert reviews and reference checks to select these four high-impact social innovators.

The winner will join the Schwab Foundation’s global network of social innovators and can apply for the Hindustan Times Fellowship for the Stanford Seed Transformation program.

Statistics:

• 172 applications received in 2025
• 60% were first-time applicants
• Top sectors: Education, Healthcare, Livelihood, Agriculture, Clean Technology

The shortlisted finalists have contributed to:

• Poverty alleviation via Self-Help Groups, education and livelihood generation
• Road safety and trauma care through policy advocacy and tech-driven solutions
• Socioeconomic change in remote areas through solar-powered public health and rural entrepreneurship
• Empowering rural artisans via cooperatives, skill-building, and fair wages

Meet the Finalists

Kalpana Sankar
Organisation: Hand in Hand India and Belstar Microfinance
Website: hihindia.org
Year Established: 2004
Sector: Rural Development and Poverty Alleviation

About: Dr. Kalpana Sankar, a nuclear physicist turned visionary social entrepreneur, is the Managing Director of Belstar Microfinance Ltd. and Co-founder & Chairperson of Hand in Hand India. She has impacted over 10 million women through employment and enterprise development. Her five-pillar model integrates financial inclusion, education, healthcare, sanitation, and livelihoods. Hand in Hand India has mobilised 5.75 million women into SHGs, disbursed ?34,000 crore in microfinance, transitioned 373,040 children from labour to school, and revived 45,115 hectares for organic farming. She has received the Nari Shakti Puraskar and Princess Sabeeka Global Award.

Piyush Tewari
Organisation: SaveLIFE Foundation
Website: savelifefoundation.org
Year Established: 2008
Sector: Public Health

About: Piyush Tewari, a Harvard graduate and ex-private equity professional, founded SaveLIFE Foundation after a personal tragedy. He led the enactment of India’s first Good Samaritan Law and created the Zero-Fatality Solutions program that cut road deaths by 67% in high-risk zones. His organisation’s work spans safer road design, enforcement, trauma response, and community engagement.

Nagakarthik MP
Organisation: Sauramandala Foundation
Website: sauramandala.org
Year Established: 2018
Sector: Digital Governance and Poverty Alleviation

About: Nagakarthik MP, inspired to bridge policy and ground realities, founded Sauramandala Foundation using a community-led, co-creation approach. Their Centre for Accelerated Development (CFAD) empowers underserved communities in Northeast India. With support to 450+ rural entrepreneurs and 10,000 youth, their clean energy initiatives now power 350+ health centres. Their participatory model is transforming public policy to be locally informed and scalable.

Sumita Ghose
Organisation: Rangsutra Crafts India
Website: rangsutra.com
Year Established: 2006
Sector: Women Empowerment and Livelihood

About: After her husband’s death, Sumita Ghose founded Rangsutra to connect rural artisans to global markets. Rangsutra has empowered over 8,000 artisans—70% of them women—through design workshops, enterprise training and shareholder ownership. Their impact extends to over 50,000 beneficiaries. Rangsutra blends heritage with innovation to deliver dignity and livelihood to India’s craft communities.

About Us

Schwab Foundation for Social Entrepreneurship: In partnership with the World Economic Forum, it’s a global platform supporting systemic change through social innovation since 1998. Co-founded by Klaus and Hilde Schwab.

• Website: www.schwabfound.org
• Facebook: facebook.com/schwabfound
• Instagram: instagram.com/schwabfoundation
• LinkedIn: linkedin.com/company/schwab-foundation

Jubilant Bhartia Foundation (JBF): Founded in 2007 as the CSR arm of Jubilant Bhartia Group, JBF works in community development, healthcare, environment, education, sports, and social entrepreneurship.

• Website: www.jubilantbhartiafoundation.com
• Twitter: @indiaseoy
• Facebook: facebook.com/IndiaSEOY

Media Contact:
Vivek Prakash
Jubilant Bhartia Foundation
Ph: +91 120 436 1804; 9810674758
Email: vivek.prakash@jubl.com

1. All figures are in Rs Crore unless otherwise stated

The Board of Jubilant Ingrevia Limited met today to approve financial results for the quarter ended December 31st, 2024.

Commenting on the Company’s performance, Mr. Shyam S Bhartia, Chairman and Mr. Hari S Bhartia, Co- Chairman, Jubilant Ingrevia Limited said:

“We are pleased to announce significant year-on-year growth for this quarter, attributed to the enhanced performance of our Speciality Chemicals and Nutrition businesses, as well as to the benefits derived from cost- saving initiatives implemented in recent quarters.

We are also glad to share that the Board has recommended an interim dividend of 250%, which equates to Rs 2.5 per equity share with a face value of Re 1 each for FY’25. This will result in a cash outflow of Rs 39.8 Crore.

Markets Update:

Globally, Chemicals Markets are witnessing gradual volume improvements, but pricing is staying muted in most segments and regions. We expect the volume growth momentum to continue into 2025, while price recovery may still be slow.

The Pharmaceutical End-Use market continues to see steady demand, bolstered by stable pricing and volume placements. Our Pharma portfolio in the Fine Chemicals business mirrors these trends. However, we continue to encounter challenges in the Acetyls business due to low demand in the Paracetamol segment.

The Agrochemical sector has continued its upward momentum this quarter, driven by positive volume growth on both year-over-year and quarter-over-quarter basis. However, average prices in the sector have remained flat, indicating potential price stabilization.

The Nutrition market experienced a continued resurgence in demand. Niacinamide demand remained stable with a slight price increase during the quarter. Choline demand saw stronger growth, however faced pricing pressure from imports.

Business Update:

In the Speciality Chemicals Business Segment, we observed a notable YoY increase in volumes for the high-margin Fine Chemicals segment. The Diketene segment within Fine Chemicals experienced significant year-over-year volume growth and stronger price improvements. The Pyridine & Picolines segment also showed substantial YoY growth driven by higher volumes. Additionally, the CDMO business continues its traction with an increase in inquiries from customers in the pharmaceutical, agrochemical and semiconductor sectors.

The Nutrition and Health Solutions Business Segment experienced continued Y.o.Y and Q.o.Q volume growth, primarily driven by significant volume increases in choline products, while Niacinamide volumes remained stable. We also saw uptick in Niacinamide prices last quarter.

In the Chemical Intermediates Business Segment, we observed Y.o.Y volume improvements driven by Ethyl Acetate sales. Acetic Anhydride volumes were muted due to low demand in the Paracetamol segment. Prices in this segment remained under pressure and impacted margins significantly.

Commissioning of cGMP Niacinamide Facility:

We are pleased to announce the commissioning of our new cGMP-compliant Vitamin B3 facility in Bharuch, Gujarat. This facility will produce nutraceuticals and dietary-active ingredients for human consumption in food and cosmetics segments. The production of these new grades of Vitamin B3 will significantly boost our presence in the value-added products market, offering high-value and high-margin solutions.

World Economic Forum- Global Lighthouse Network Award:

We are also proud to announce that Jubilant Ingrevia Limited has received the prestigious Global Lighthouse Network Award from the World Economic Forum. This honour recognizes our Bharuch manufacturing facility for its outstanding integration of Fourth Industrial Revolution technologies, making us the only chemical company worldwide in the 2024 cohort to achieve this distinction.

Future Outlook:

We anticipate continued upward momentum and improvements in our overall business performance in ensuing quarters, driven by advancements in the Speciality Chemicals and Nutrition & Health Solutions business segments, as well as through our continued efforts to manage the costs efficiently. In line with recent quarters, our primary focus remains on leveraging newly commissioned plants, and enhancing operational efficiency to deliver improved sequential performance in Q4 of FY25.

We are committed to our growth plans through our ambitious Pinnacle 345 vision, and we are on track to achieve the same”.

Q3’FY25 Highlights | Segment Wise Analysis

A. Speciality Chemicals

1. All figures are in Rs Crore unless otherwise stated

2. Before adjustment of Unallocated corporate expense/Income

Market Highlights Pharma

• Consistent demand improvement from the end-use segment kept volumes strong, while pricing remained stable with increases in select segments

Agrochemical

• Observed improvement in volumes on a YoY basis, with steady pricing on QoQ basis
• Inventory destocking appears to be waning

CDMO

• Experienced QoQ increase in volumes, driven by a growing number of inbound inquiries from the Agro, Pharma, and Semiconductor sectors

CDMO

• Experienced QoQ increase in volumes, driven by a growing number of inbound inquiries from the Agro, Pharma, and Semiconductor sectors

Business Highlights

• The CDMO business continued to get good traction; capital expenditure initiated for two agrochem orders announced in last quarter
• The high-margin fine chemical business volumes increased YoY and QoQ, with Diketene volumes rising significantly with improved pricing

Financial Highlights

• Revenue increased on a YoY and QoQ basis on account of higher volumes coming from Pyridine and Diketene portfolios
• Margins improved on account of cost efficiencies gained from initiatives focused on enhancing productivity, yield, and reducing energy costs through Lean initiatives

B. Nutrition & Health Solutions

1. All figures are in Rs Crore unless otherwise stated

2. Before adjustment of Unallocated corporate expense/Income

Market Highlights Feed B3

• Increased sales volume on YoY basis
• Witnessed improved Niacinamide pricing on YoY basis and marginally for QoQ as well

Food & Cosmetic B3

• Witnessed improved demand for food-grade products with YoY and QoQ growth

Choline

• Volumes were strong over QoQ and YoY basis; Pricing remained under pressure from Imports
• Cost optimization initiatives and improving product mix underway

Business Highlights

• Successfully commissioned cGMP-compliant facility for Food & Cosmetic grade Niacinamide, expect to deliver incremental revenue and margins in coming quarters
• With new facility in place, the Company will foray into infant nutrition market globally, with food grade Niacin
• Food Grade Choline Chloride and Choline Bitartrate, are continuing to gain traction in the market, volumes to grow in coming quarters

Financial Highlights

• Revenue Improved on YoY basis due to higher sales coming from Niacinamide and Choline products
• Improvement in EBITDA on YoY basis was primarily driven by Niacinamide
• On QoQ basis, EBITDA remained stable due to the positive impact of Niacinamide and Choline volumes, but impact of higher Niacinamide prices got offset by dip in Choline realizations

C. Chemical Intermediates Segment

1. All figures are in Rs Crore unless otherwise stated

2. Before adjustment of Unallocated corporate expense/Income

Market Highlights Volumes

• Headwinds continue from the primary end-use markets for Paracetamol
• Higher YoY and QoQ volumes of Ethyl Acetate cushioned the impact of declining Acetic Anhydride volumes

Cost

• Improved production efficiencies and throughput partially offsetting the higher logistics and ocean freight costs

Price

• Reduced demand from Paracetamol end-use clients and lower acetic acid prices consequently resulted in lower contribution for Acetic Anhydride

Business Highlights

Strategic measures undertaken during the quarter to counter the downward impact in the segment:

• Higher share of domestic sales of acetic anhydride to mitigate the impact of increased logistics costs associated with export sales
• Improved cost structure of key products
• Renewed push on non-Acetic Anhydride portfolio in this segment

Financial Highlights

• Ethyl Acetate volumes improved further on QoQ and YoY basis, whereas Acetic Anhydride volumes were benign on account of lower demand from paracetamol end-use
• EBITDA for the quarter declined due to lower prices and volumes of Acetic Anhydride

3. Income Statement – Q3’FY25

All figures are in Rs Crore unless otherwise stated

4. Segment P&L – Q3’FY25

5. Debt Position as on 31st December, 2024

All figures are in Rs Crore unless otherwise stated

• The capex for the quarter was Rs 65 Crore and YTD was Rs 365 Crore, which was primarily funded through internal accruals
• The Net Working Capital 'Percentage to Turnover' for Q4 FY'25 decreased to 17.0%, compared to 18.3% in the previous quarter.
• The number of days of working capital was reduced to 61, compared to 65 in Q3 FY'25.

50% of the total energy requirement of the facility to be met through Renewable Energy

Noida, Uttar Pradesh, India, March 12, 2025: Jubilant Ingrevia Limited, a globally integrated Life Sciences & Speciality Chemicals company, has taken a significant step towards enhancing its renewable energy footprint by signing a power purchase agreement with O2 Power through its wholly owned subsidiary Jubilant Infrastructure Limited for its SEZ Bharuch Manufacturing Facility. This agreement reinforces the Company’s commitment to sustainability through the adoption of green energy. The contract comes one year after carrying out the same exercise at its manufacturing facilities in Savli, Gujarat and Gajraula, Uttar Pradesh for which supply is scheduled to begin in April 2025.

Commenting on this development, Deepak Jain, CEO & Managing Director, Jubilant Ingrevia Limited said, "Our continued successful partnership with O2 Power showcases our commitment to drive sustainability and sustainable business practices. This agreement for our Bharuch Manufacturing Facility will enable that 50% of the facility’s total power requirement comes from Renewable Energy to be used in its operations. By integrating renewable energy at our state-of-the-art Bharuch Manufacturing Facility, Jubilant Ingrevia Limited has taken another significant step toward reducing carbon footprint and contributing to accelerating India’s transition to clean, sustainable energy while delivering long-term value to our partners.”

This is a significant step towards making Company’s Bharuch manufacturing facility green.

With the signing of this contract over 35% of Jubilant Ingrevia’s over-all energy requirement at all manufacturing facilities will be met through renewable energy.

Speaking on this occasion, Parag Sharma, Founder and CEO, O2 Power said, “We are thrilled to continue our partnership with Jubilant Ingrevia Limited to provide renewable energy to their Bharuch Manufacturing Facility. This is in addition to the successful, ongoing execution for their facilities in Savli and Gajraula. By supplying reliable, renewable energy, we are not only supporting Jubilant Ingrevia Limited's sustainability goals but are also contributing significantly towards a greener, low-carbon future.”

As an ESG leader, Jubilant began its journey in the early 2000s, consistently ranking as a top- performing chemical company in initiatives such as the S&P DJSI, TFS, Ecovadis, the CDP Climate Change program and the Responsible Care certification. The Company is now focusing on transitioning to the use of clean energy, with the introduction of renewables being a key aspect of its broader sustainability efforts, alongside initiatives like biomass energy. The World Economic Forum (WEF) recently recognised Jubilant Ingrevia Limited’s Bharuch manufacturing facility as a Global Manufacturing Lighthouse, the only chemical company in the 2024 cohort, for its commitment to digital transformation, so as to enhance efficiencies, further environmental sustainability and ensure a positive societal impact.

1. All figures are in Rs Crore unless otherwise stated

The Board of Jubilant Ingrevia Limited met today to approve financial results for the quarter ended December 31st, 2024.

Commenting on the Company’s performance, Mr. Shyam S Bhartia, Chairman and Mr. Hari S Bhartia, Co- Chairman, Jubilant Ingrevia Limited said:

“We are pleased to announce significant year-on-year growth for this quarter, attributed to the enhanced performance of our Speciality Chemicals and Nutrition businesses, as well as to the benefits derived from cost- saving initiatives implemented in recent quarters.

We are also glad to share that the Board has recommended an interim dividend of 250%, which equates to Rs 2.5 per equity share with a face value of Re 1 each for FY’25. This will result in a cash outflow of Rs 39.8 Crore.

Markets Update:

Globally, Chemicals Markets are witnessing gradual volume improvements, but pricing is staying muted in most segments and regions. We expect the volume growth momentum to continue into 2025, while price recovery may still be slow.

The Pharmaceutical End-Use market continues to see steady demand, bolstered by stable pricing and volume placements. Our Pharma portfolio in the Fine Chemicals business mirrors these trends. However, we continue to encounter challenges in the Acetyls business due to low demand in the Paracetamol segment.

The Agrochemical sector has continued its upward momentum this quarter, driven by positive volume growth on both year-over-year and quarter-over-quarter basis. However, average prices in the sector have remained flat, indicating potential price stabilization.

The Nutrition market experienced a continued resurgence in demand. Niacinamide demand remained stable with a slight price increase during the quarter. Choline demand saw stronger growth, however faced pricing pressure from imports.

Business Update:

In the Speciality Chemicals Business Segment, we observed a notable YoY increase in volumes for the high-margin Fine Chemicals segment. The Diketene segment within Fine Chemicals experienced significant year-over-year volume growth and stronger price improvements. The Pyridine & Picolines segment also showed substantial YoY growth driven by higher volumes. Additionally, the CDMO business continues its traction with an increase in inquiries from customers in the pharmaceutical, agrochemical and semiconductor sectors.

The Nutrition and Health Solutions Business Segment experienced continued Y.o.Y and Q.o.Q volume growth, primarily driven by significant volume increases in choline products, while Niacinamide volumes remained stable. We also saw uptick in Niacinamide prices last quarter.

In the Chemical Intermediates Business Segment, we observed Y.o.Y volume improvements driven by Ethyl Acetate sales. Acetic Anhydride volumes were muted due to low demand in the Paracetamol segment. Prices in this segment remained under pressure and impacted margins significantly.

Commissioning of cGMP Niacinamide Facility:

We are pleased to announce the commissioning of our new cGMP-compliant Vitamin B3 facility in Bharuch, Gujarat. This facility will produce nutraceuticals and dietary-active ingredients for human consumption in food and cosmetics segments. The production of these new grades of Vitamin B3 will significantly boost our presence in the value-added products market, offering high-value and high-margin solutions.

World Economic Forum- Global Lighthouse Network Award:

We are also proud to announce that Jubilant Ingrevia Limited has received the prestigious Global Lighthouse Network Award from the World Economic Forum. This honour recognizes our Bharuch manufacturing facility for its outstanding integration of Fourth Industrial Revolution technologies, making us the only chemical company worldwide in the 2024 cohort to achieve this distinction.

Future Outlook:

We anticipate continued upward momentum and improvements in our overall business performance in ensuing quarters, driven by advancements in the Speciality Chemicals and Nutrition & Health Solutions business segments, as well as through our continued efforts to manage the costs efficiently. In line with recent quarters, our primary focus remains on leveraging newly commissioned plants, and enhancing operational efficiency to deliver improved sequential performance in Q4 of FY25.

We are committed to our growth plans through our ambitious Pinnacle 345 vision, and we are on track to achieve the same”.

Q3’FY25 Highlights | Segment Wise Analysis

A. Speciality Chemicals

1. All figures are in Rs Crore unless otherwise stated

2. Before adjustment of Unallocated corporate expense/Income

Market Highlights Pharma

• Consistent demand improvement from the end-use segment kept volumes strong, while pricing remained stable with increases in select segments

Agrochemical

• Observed improvement in volumes on a YoY basis, with steady pricing on QoQ basis
• Inventory destocking appears to be waning

CDMO

• Experienced QoQ increase in volumes, driven by a growing number of inbound inquiries from the Agro, Pharma, and Semiconductor sectors

CDMO

• Experienced QoQ increase in volumes, driven by a growing number of inbound inquiries from the Agro, Pharma, and Semiconductor sectors

Business Highlights

• The CDMO business continued to get good traction; capital expenditure initiated for two agrochem orders announced in last quarter
• The high-margin fine chemical business volumes increased YoY and QoQ, with Diketene volumes rising significantly with improved pricing

Financial Highlights

• Revenue increased on a YoY and QoQ basis on account of higher volumes coming from Pyridine and Diketene portfolios
• Margins improved on account of cost efficiencies gained from initiatives focused on enhancing productivity, yield, and reducing energy costs through Lean initiatives

B. Nutrition & Health Solutions

1. All figures are in Rs Crore unless otherwise stated

2. Before adjustment of Unallocated corporate expense/Income

Market Highlights Feed B3

• Increased sales volume on YoY basis
• Witnessed improved Niacinamide pricing on YoY basis and marginally for QoQ as well

Food & Cosmetic B3

• Witnessed improved demand for food-grade products with YoY and QoQ growth

Choline

• Volumes were strong over QoQ and YoY basis; Pricing remained under pressure from Imports
• Cost optimization initiatives and improving product mix underway

Business Highlights

• Successfully commissioned cGMP-compliant facility for Food & Cosmetic grade Niacinamide, expect to deliver incremental revenue and margins in coming quarters
• With new facility in place, the Company will foray into infant nutrition market globally, with food grade Niacin
• Food Grade Choline Chloride and Choline Bitartrate, are continuing to gain traction in the market, volumes to grow in coming quarters

Financial Highlights

• Revenue Improved on YoY basis due to higher sales coming from Niacinamide and Choline products
• Improvement in EBITDA on YoY basis was primarily driven by Niacinamide
• On QoQ basis, EBITDA remained stable due to the positive impact of Niacinamide and Choline volumes, but impact of higher Niacinamide prices got offset by dip in Choline realizations

C. Chemical Intermediates Segment

1. All figures are in Rs Crore unless otherwise stated

2. Before adjustment of Unallocated corporate expense/Income

Market Highlights Volumes

• Headwinds continue from the primary end-use markets for Paracetamol
• Higher YoY and QoQ volumes of Ethyl Acetate cushioned the impact of declining Acetic Anhydride volumes

Cost

• Improved production efficiencies and throughput partially offsetting the higher logistics and ocean freight costs

Price

• Reduced demand from Paracetamol end-use clients and lower acetic acid prices consequently resulted in lower contribution for Acetic Anhydride

Business Highlights

Strategic measures undertaken during the quarter to counter the downward impact in the segment:

• Higher share of domestic sales of acetic anhydride to mitigate the impact of increased logistics costs associated with export sales
• Improved cost structure of key products
• Renewed push on non-Acetic Anhydride portfolio in this segment

Financial Highlights

• Ethyl Acetate volumes improved further on QoQ and YoY basis, whereas Acetic Anhydride volumes were benign on account of lower demand from paracetamol end-use
• EBITDA for the quarter declined due to lower prices and volumes of Acetic Anhydride

3. Income Statement – Q3’FY25

All figures are in Rs Crore unless otherwise stated

4. Segment P&L – Q3’FY25

5. Debt Position as on 31st December, 2024

All figures are in Rs Crore unless otherwise stated

• The capex for the quarter was Rs 92 Cr and YTD was Rs 299 Cr, which was primarily funded through internal accruals
• Overall finance cost optimized and reduced by restructuring the existing debt
• Net Working Capital ‘Percentage to Turnover’ for Q3 FY’25 was lower at 18.4% as against 22.0% in Q3’FY24
• Reduced Number of days of Working capital to 67, as against 80 in Q3’FY24

All figures are in Rs Crore unless otherwise stated.

1. All figures are in Rs Crore unless otherwise stated

The Board of Jubilant Ingrevia Limited met today to approve financial results for the quarter ended September 30th, 2024.
“We are pleased to announce a healthy QoQ & YoY growth for the quarter, fueled by the enhanced performance of our Speciality Chemical and Nutrition & Health Solutions Businesses, as well as the advantages gained from cost-saving measures implemented over the last few quarters.

Markets Update:

Globally, the Chemical markets are gradually improving in 2024 with volumes showing a marginal growth over last year. We are witnessing the same in our businesses.
The Pharmaceutical end-use segment continues to experience steady demand, supported by stable pricing and volume placements. Our Pharma folio in Fine Chemicals business reflects the same sentiments. We continue to face pressure in the Acetyl business though, due to low demand in the Paracetamol segment.
The Agrochemical sector is beginning to show some signs of improvement. The excess inventory situation is gradually resolving and volumes are recovering in Pyridine based products. We are optimistic that the steady recovery will continue over the coming quarters.
In the Nutrition Segment, demand remained steady, with Niacinamide volumes showing an upward trend and prices rising during the quarter. Meanwhile, Choline demand remained stable, although pricing pressure continued due to high imports.

Business Update:

In the Speciality Chemicals Business, we saw a notable increase in volumes of high-margin Fine Chemicals business in both QoQ and YoY. The Pyridine & Picolines segment showed material YoY growth driven by higher volumes. The CDMO business continues to show good traction with customers across pharma, agrochemicals and semi- conductor segments (early stage).
In the Nutrition and Health Solutions Business, significant YoY and QoQ growth was driven by increased volumes and prices of Niacinamide. Margin growth was boosted by better product mix with higher share of volumes (versus last quarter) from human grade products.
In the Chemical Intermediates Business, QoQ growth was attributed to an increase in volumes of Ethyl Acetate and Acetic Anhydride. However, the YoY performance declined mainly due to lower prices.

Agrochemical CDMO Update:

We are excited to share that we have signed a five-year agreement with a multinational Agro-innovator to produce a key intermediate for one of their strategic agrochemicals. Jubilant Ingrevia limited will manufacture this intermediate using the MNC's proprietary technology. As a result of this contract, the company anticipates a significant increase in overall revenue share from its agrochemical CDMO business post commencement of production.

World Economic Forum- Global Lighthouse Network Update:

We are glad to announce our inclusion in the prestigious Global Lighthouse Network (GLN) of the World Economic Forum (WEF). The WEF has recognised Jubilant Ingrevia Limited’s Bharuch manufacturing facility as a Global Manufacturing Lighthouse, making us the only Indian company to achieve this distinction in this cohort. Over the past few years, we have made significant investments to digitally transform our plants, and the results are evident in enhanced efficiency, environmental performance, and safety measures. We are grateful to the WEF for their ongoing partnership in this journey.

Future Outlook:

We expect to see improvements in our overall business performance in FY25, particularly within Specialty Chemicals and Nutrition & Health Solutions segments. Consistent with last few quarters, our primary focus remains on customer-centricity, utilising the newly commissioned plants, enhancing operational efficiency leading to further improvement in margins. We expect sequential improvement in performance in Q3 and Q4, with H2FY25 to be even better vs. H1FY25.
We are committed to our growth plans through our ambitious Pinnacle 345 vision of achieving three times revenue and four times EBITDA within five years.”

Q2’FY25 Highlights | Segment Wise Analysis

A. Speciality Chemicals

1. All figures are in Rs Crore unless otherwise stated

2. Before adjustment of Unallocated corporate expense/Income

Market  Highlights

Pharma

• Steady demand from the end-use segment, volumes remain strong; pricing remained steady with uptick in select segments

Agrochemical

• Inventory destocking seems to be approaching its final stages
• Witnessed slight uptick in volumes

CDMO

• Witnessing rising number of inbound inquiries from the Agro, Pharma, and Semiconductor sectors

Business Highlights

• CDMO business remains on the growth trajectory, signed USD 300 Million+, 5-year CDMO contract with an MNC Agro Innovator
• Witnessed increase in volumes of high-margin Fine Chemicals Pyridine derivatives both QoQ and YoY
• The Di-ketene plant operated at a healthy utilization levels, with good volume traction in the newly commissioned facility
• Pyridine building block volumes remained robust throughout the quarter
• Pyrithiones platform enjoying strong market acceptance, showing QoQ & YoY growth

Financial Highlights

• Revenue increased on a YoY basis on account of higher volumes coming from Pyridine’s building blocks and derivatives
• Healthy volumes uptake and efficiency-led initiatives (Lean) improved margins

B. Nutrition & Health Solutions

1. All figures are in Rs Crore unless otherwise stated

2. Before adjustment of Unallocated corporate expense/Income

Market Highlights

Feed B3

• Witnessed improved Niacinamide pricing on QoQ basis
• Increased sales volume and gained market share despite stagnant global demand

Food & Cosmetic B3

• Witnessed steady demand for food-grade and cosmetic-grade products
• On-boarded several new food-grade customers during the quarter

Choline

• Volumes remained steady; Pricing under pressure from imports
• Improving product mix and executing cost optimisation initiatives to grow margins

Business Highlights

• Continued focus on improving market share from customers in niche segments i.e. Cosmetics and Food grade resulted in increased volume and revenue from the segment on a QoQ basis
• Newly launched products. i.e ‘Food Grade Choline Chloride’ and ‘Choline Bitartrate’ continue getting traction in market
• GMP-compliant facility for Food & Cosmetic grade Niacinamide is expected to be commissioned in Q3’FY25, already started receiving inquiries

Financial Highlights

• Revenue for the quarter improved YoY on account of higher volumes from sale of both animal and human grade Niacinamide with higher pricing
  • Improvement in EBITDA on QoQ and YoY basis due to:
    • Higher prices of Niacinamide
    • Favorable shift in volume mix towards human-grade products
    • Lean initiatives and optimised input cost

C. Chemical Intermediates Segment

1. All figures are in Rs Crore unless otherwise stated

2. Before adjustment of Unallocated corporate expense/Income

Market Highlights

Volumes

• The primary end-use markets for Paracetamol continued to face challenges
• Modest recovery was observed in the Agrochemicals end-use sector
• Ethyl Acetate Volumes witnessed YoY improvement

Cost

• Rising logistics costs, driven by the overall increase in ocean freight resulting from the container crisis, constrained overall margins

Price

• Acetic Anhydride prices remained low due to consequent decline in Acetic acid prices

Business Highlights

• Acetic Anhydride market share in Europe remained firm, increased penetration by acquiring new customers
• Retained dominant market share for Acetic Anhydride in domestic market
• On YoY basis, Improved volumes in Ethyl Acetate, strategically serving customers based on economic viability

Financial Highlights

• Ethyl Acetate volumes improved on YoY basis, whereas Acetic Anhydride volumes were benign on account of lower demand from paracetamol end-use
• EBITDA for the quarter improved on a QoQ basis, driven by marginally higher volumes and cost saving initiatives.

3. Income Statement – Q2’FY25

All figures are in Rs Crore unless otherwise stated

4. Segment P&L – Q2’FY25

All figures are in Rs Crore unless otherwise stated

5. Debt Position as on 30th September, 2024

All figures are in Rs Crore unless otherwise stated

• The capex for the quarter was Rs 91 Cr and YTD was Rs 207 Cr, which was primarily funded through internal accruals
• Net Working Capital ‘Percentage to Turnover’ for Q2 FY’25 was lower at 17.1% as against 24.3% in Q2’FY24
• Reduced Number of days of Working capital to 63, as against 89 in Q2’FY24

WEF recognises Company’s Bharuch manufacturing facility as a Global Manufacturing Lighthouse

Noida, Uttar Pradesh, October 8, 2024: Jubilant Ingrevia Limited (NSE: JUBLINGREA), a global integrated life science products and innovative solutions provider serving diverse industries and sectors is proud to announce its inclusion as a member of the elite Global Lighthouse Network (GLN) of the World Economic Forum (WEF). WEF has recognised Jubilant Ingrevia Limited’s Bharuch manufacturing facility as a Global Manufacturing Lighthouse, the only Indian company to achieve the same in this cohort.

The World Economic Forum’s Global Lighthouse Network is a community of 172 industry leaders pioneering the use of cutting-edge Fourth Industrial Revolution (4IR) technologies in manufacturing. Hundreds of applications are screened every year and just a small share are designated as Lighthouses by an independent panel of experts.

On this landmark achievement, Deepak Jain, CEO & MD at Jubilant Ingrevia Limited, said “We are excited to be part of the WEF Global Lighthouse community. At Jubilant Ingrevia, we have invested significantly over the last few years to transform our plants digitally and the impact of these efforts is clearly visible across efficiency, environment and safety parameters in our plants.  We are thankful to WEF for their continuous partnership in this journey!”

"Lighthouses are breaking through the AI hype, and raising the bar for digital transformations," said Kiva Allgood, Head of the Centre for Advanced Manufacturing and Supply Chains, World Economic Forum. "These sites are weaving advanced technologies into their operations, not just to enhance productivity, but to create a sustainable and inclusive future for their workforce and the broader community."

Jubilant Ingrevia Limited’s Bharuch site manages complex chemical manufacturing processes at scale. It hosts Asia's largest Acetic Anhydride production facility with the world's largest merchant capacity, fully managed and operated by less than 40 people. The site also manufactures products for other businesses of the company such as CDMO and Nutrition.

The Company deployed 4IR technologies at its Bharuch manufacturing facility and reskilled several of its employees to make them ‘digital-ready’. Through 30+ integrated use cases, leveraging Artificial Intelligence and Machine Learning, IoT-based digital twin and predictive platforms, it reduced the overall process variability by 60% and substantially increased production volumes. It also increased its workforce productivity by over 20% and reduced Scope-1 emissions by over 20%.*

Jubilant Ingrevia Limited continues to leverage 4IR capabilities. In the next three years it aims to further reduce emissions by 20% and institutionalise digital interventions across all its plants.

The inclusion into the WEF’s elite GLN, is a recognition of Jubilant Ingrevia Limited’s commitment to digital transformation, to enhance efficiencies, further environmental sustainability and ensure a positive societal impact.

*Evaluation Period: 2020-2023

1. All figures are in Rs Crore unless otherwise stated

The Board of Jubilant Ingrevia Limited met today to approve financial results for the quarter ended June 30th, 2024.

“We are pleased to announce healthy sequential performance for Q1, on the back of the improving business performance of our Speciality Chemical Business and the positive impact coming from our cost initiatives from the last three quarters.

Markets Update:

The Pharmaceutical end-use segment continues to witness rising demand trends with healthy volume placements. We are also glad to share that we have gained significant traction in the regulated markets of North America, Europe & Japan. Visible signs of further improvement in demand in certain products are signaling near-term outlook remaining buoyant, while pricing remains steady. However, we are witnessing continuous pressure on Acetyl segment owing to lower demand coming from the Paracetamol end-use segment.

The Agrochem sector has started to show marginal improvement. While the excess inventory situation is gradually easing out and volumes have started to move, the prices still remain under pressure due to the excess supply of agrochemicals globally. We are hopeful that recovery should continue to happen in the coming quarters.

In the Nutrition Segment, the demand remained steady in line with the previous two quarters, and prices also moved up marginally towards the end of the quarter, except for Choline where Chinese imports remained aggressive.

Business Update:

The volumes of Pyridine and Diketene derivatives witnessed a rising trend, while demand for Niacinamide & Pyrithiones remained steady. In acetyls, we remained focused towards maintaining market share, despite challenges being faced due to lower demand, container unavailability and a decline in acetic acid prices.

Strong traction continued in our CDMO business, wherein we started delivery of new orders during the quarter.  We are also in advanced-stage discussions for multiple projects in Pharma, Agro and semi-conductor end-use.

USFDA Update:

We are pleased to share that our manufacturing facility at Bharuch has successfully completed its USFDA inspection with Zero 483 observation. This GMP-compliant facility is intended for manufacturing of Nutraceuticals & Dietary- Active ingredients for Human consumption.

Future Outlook

We reaffirm our expectation of witnessing improvements in all three business segments in FY25 over FY24. Like last quarter, our key focus remains customer-centricity, ramping up the newly commissioned plants, remaining lean and bringing back the margins to normal levels.

We are focused towards keeping the costs in control through our Project Leanand are on track to source renewable energy for our long-term energy requirements, which also underscores our firm commitment towards sustainability & environment.

We continue to see increasing utilisation of our newly created plants, and we remain on track with our capex plans towards investing in high-potential product categories to deliver on our bold vision of Pinnacle 345 i.e. 3 times Revenue, 4 times EBIDTA, in 5 years.”

Q1’FY25 Highlights | Segment Wise Analysis

A. Speciality Chemicals

• All figures are in Rs Crore unless otherwise stated
• Before adjustment of Unallocated corporate expense/Income

Market Highlights

Pharma

• Steady demand from the end-use segment, volumes were strong and prices witnessed a marginal uptick

Agrochemical

• The inventory destocking situation seems to be in the last stages
• Volume recovery expected to continue a gradual upward trajectory

CDMO

• Increasing inbound queries from Agro, Pharma and Semiconductor space
• Overall demand is growing and the plants are running at optimal capacity

Business Highlights

• Witnessed significant Improvement in Volumes of fine Chemicals & Pyridine products on a QoQ & YoY basis.
• CDMO business remains on the growth trajectory and new plants are optimally utilised
• The Di-ketene plant operated at a healthy utilisation of 80%, with sizable volume traction during Q1FY25
• The Microbial Control Solutions business is steady and products in the Pyrithiones platform are well accepted in the market (80%+ booked capacity)
• Pyridine building block volumes remained strong during the quarter, with marginal improvement in pricing observed

Financial Highlights

• Revenue increased on a YoY basis on account of higher volumes coming from Pyridine building blocks, Diketene and Fine chemicals
• Healthy volume uptake and efficiency-led initiatives (Lean) improved margins

B. Nutrition & Health Solutions

1. All figures are in Rs Crore unless otherwise stated

2. Before adjustment of Unallocated corporate expense/Income

Market Highlights

Feed B3

• Vitamin demand remained stable during the quarter, though overall Niacinamide pricing remained steady

Food & Cosmetic B3

• Demand for food-grade and cosmetic-grade products was steady
• On-boarded big-ticket food-grade customers during the quarter

Choline Salts

• Both volumes and prices remained steady on the back of incremental demand
• Identified and deployed cost levers to drive margin growth

Business Highlights

• Continued focus on improving market share from customers in niche segments i.e. Cosmetics and Food grade resulted in increased volume and revenue from the segment on a QoQ basis
• Newly launched products. i.e ‘Food Grade Choline Chloride’ and ‘Choline Bitartrate’ gaining good acceptance in the marketplace
•  GMP-compliant facility for Food & Cosmetic grade Niacinamide is expected to be commissioned in Q3’FY25, already started receiving inquiries

Financial Highlights

• Revenue for the quarter improved marginally on account of sequential higher volumes from human end-use and cosmetic-grade products
• Improvement in EBITDA on QoQ and YoY basis due to:
  • Favorable shift in volume mix towards food segment products
  • Lean initiatives and optimized input cost

C. Chemical Intermediates Segment

• All figures are in Rs Crore unless otherwise stated
• Before adjustment of Unallocated corporate expense/Income

Market Highlights

Volumes

• Ethyl Acetate Volumes improved on good demand in the export market
• Acetic Acid Volumes remained steady
• Key end-use markets of Paracetamol and Agrochemicals remained under pressure

Cost

• Inflated logistics costs led by the overall increase in ocean freight due to the container crisis dented overall margins

Price

• Acetic Anhydride prices remain range-bound, owing to lower Acetic acid prices

Business Highlights

• Acetic Anhydride market share in Europe remained firm, increased penetration by acquiring new customers
• Retained dominant market share for Acetic Anhydride in domestic markets
• Improved volumes in Ethyl Acetate on good export demand, we are opportunistically serving customers in EA depending on economic feasibility

Financial Highlights

• Revenue for the Quarter was lower, although volumes remained steady
• Ethyl Acetate volumes improved, whereas Acetic Anhydride volumes were stable
• EBITDA during the quarter was impacted on account of higher ocean freight costs, mainly led by the container Crisis and overall realisations remaining subdued

3. Income Statement – Q1’FY25

All figures are in Rs Crore unless otherwise stated

4. Segment P&L – Q1’FY25

All figures are in Rs Crore unless otherwise stated

5. Debt Position as on 30th June, 2024

All figures are in Rs Crore unless otherwise stated

• The capex for the quarter was Rs 116 Cr, which was primarily funded through internal accruals
• Net Working Capital ‘Percentage to Turnover’ for Q1 FY’25 was lower at 18.6% as against 20% in Q1’FY24
• Reduced Number of days of Working capital to 68, as against 73 in Q1’FY24

Reiterates Commitment to Highest Standards of Quality and Compliance Excellence

Noida, Uttar Pradesh, India, June 27, 2024: Jubilant Ingrevia Limited announced successful outcome of the USFDA inspection with the receipt of Establishment Inspection report (EIR) with Zero 483 inspectional observations for the inspection performed in the month of April, 2024 at our Manufacturing facility, Unit -1 located at Bharuch, Gujarat, India.

Speaking on the development, Mr. Deepak Jain, CEO & Managing Director, Jubilant Ingrevia Limited said,

“We are pleased to share that our manufacturing site, Unit-1, intended for the manufacturing of Nutraceuticals & Dietary- Active ingredients for Human consumption in a GMP compliant facility  located at Bharuch, Gujarat India has successfully undergone its maiden USFDA inspection with the outcome of zero 483 inspectional observations. This accomplishment reiterates our Company’s unwavering commitment to maintain highest quality and compliance standards. It is also testament to our entire team’s dedication and capability to achieve a common objective that reinforces our leadership position in delivering safe, effective and high-quality compliant products to our customers.”

This existing GMP compliant facility, located at Bharuch (Unit-1) with ongoing expansion part of the Company’s strategic capex initiative, shall position Jubilant Ingrevia further to capitalize and mark Company’s foray into regulated market to cater the growing business requirements in the Nutraceuticals, Dietary Active Ingredients, Cosmetic Grade Applications – Active Ingredients, Drug Intermediates, CDMO products intended for industry application and human consumption.

About Jubilant Ingrevia Limited

Jubilant Ingrevia Limited is a global integrated Life Science products and Innovative Solutions provider serving Pharmaceutical, Nutrition, Agrochemical, Consumer and Industrial customers with customised products and solutions that are innovative, cost-effective and conforming to excellent quality standards.

The Company offers a broad portfolio of high quality ingredients that find application in a wide range of industries. The Company has over 2,300 employees and serves more than 1,500 customers in more than 50 countries across the world. The Company’s portfolio also extends to custom research and manufacturing for pharmaceutical and agrochemical customers on an exclusive basis.

Jubilant Ingrevia is a Responsible Care certified company, driven by the motive to add value to millions of lives through innovations and cutting-edge technology. As a leader in key products that the Company manufactures, it takes pride in being a partner of choice for its valued customers. For more information, please visit: www.jubilantingrevia.com.

All figures are in Rs Crore unless otherwise stated

# During the quarter, the company has opted to move to the new tax regime from FY24 onwards whereby the applicable statutory tax rate shall only be 25.17% as against the statutory tax rate of 34.944% in the old tax regime in the prior years. Consequently, the tax expense for Q4 FY 24 quarter and FY 24 includes onetime transitional write-off of brought forward MAT credit amounting to Rs. 12.56 crores

The Board of Jubilant Ingrevia Limited met today to approve financial resultsfor the quarter and year ended March 31st, 2024. The Board of Directors at its meeting held on 14th, May, 2024 has declared a final dividend of Rs. 2.50 per share of Rs. 1 each amounting to Rs. 39.8 Crores.

Commenting on the Company’s performance, Mr. Shyam S Bhartia, Chairman and Mr. Hari S Bhartia, CoChairman, Jubilant Ingrevia Limited said:

We are pleased to announce stable business performance for Q4 amidst the continued challenging market conditions.

Dividend declaration

We are glad to share that the Board has recommended a final dividend of 250% i.e. Rs 2.50 per equity share of face value of Re 1 each for the FY’24. This shall result in cash outflow of Rs. 39.8 Crore.

During the year company has already declared an interim dividend of 250% i.e. Rs 2.50 per equity share of Rs 1 each and the total dividend for FY’24 works out to be 500% i.e. Rs 5 Per equity share of Rs 1 each amounting to Rs 79.8 Crore of Cash outflow.

Capacity addition: New product lines at Bharuch (Agro actives & Intermediate), Gajraula (Diketene derivatives)

We are also pleased to share that during the quarter, we commissioned our multipurpose Agro Active & Intermediate Plant at Bharuch facility. This plant would strengthen our capacity and capability to produce forward integrated, high potential Agro Actives & Intermediates, through long-term contractual arrangements with our customers.

In addition to that, we also commissioned a plant for new Diketene Derivatives in Gajraula facility which will further enhance our Diketene product portfolio. Commissioning of these plants is in line with our stated strategy of further strengthening of our Speciality Chemicals product portfolio.

Market in FY24

The Agrochemicalssector, which faced dual challenges of overstocking of inventories and oversupply from China during the year, is yet to bounce back to normalcy. While, the excess inventory situation is expected to ease out and volumes are likely to move, the prices may still remain under pressure due to excess supply of agrochemicals globally. We expect that sectoral recovery may still take 1-2 more quarters.

In the Pharmaceutical end-use segment, we witnessed stable demand trends with healthy volume placements during the quarter. Early signs of further improvement in demand in certain products are signaling near term outlook remaining buoyant, with significant pricing recovery yet to take place.

In Nutrition Segment, the demand is steady however prices remained under pressure due to excesssuppliesfrom China.

Future outlook

With the onset of new financial year FY25, we expect all the three segments to improve sequentially over FY24. Our key focus in FY25 will be on customer centricity, ramping up the newly commissioned plants, remaining lean and bringing back the margins to normal levels.

Owing to Project Lean, our endeavors towards keeping our costs under control has started bearing results.

Our collaboration with O2 Renewable Energy Private Limited, to source renewable energy also augurs well for us and demonstrates our commitment to sustainability and improving our operational efficiencies in times to come.

We are getting good traction from cosmetics & semiconductor sectors. We are firm and on track towards investing in high-potential product categories and expand our product portfolio through our ongoing modular capex plan of Rs 2000 Cr, to deliver structured growth and drive us towards our newly created vision of Pinnacle 345 i.e. 3 times Revenue, 4 times EBIDTA, in 5 years.”

Q4 & FY24 Highlights | Segment Wise Analysis

A. Speciality Chemicals

All figures are in Rs Crore unless otherwise stated

Market Highlights

Pharma

• Continued improvement in demand from end-use segment, volumes remained strong and prices are yet to recover.

Agrochemical

• Destocking phenomenon is expected to be at a fag end, we are witnessing volumes growing gradually. Oversupply from China is still a concern, which is keeping the prices muted.

CDMO

• Demand from North American and Europe region grew during the quarter, while Domestic market was relatively soft. Newer inquiries from Japan

Business Highlights

• CDMO business is on growth trajectory, increasing traction from customers across pharma, agro and even semiconductors/electronics; across Europe/ US/ Japan
• Di-ketene plant currently operating at 60%-70% utilisation, with sizable volume traction during Q4FY24.
• Microbial Control Solutions business is witnessing traction through new products in Pyrithiones platform to support accelerated growth going forward.
• Pyridine building blocks volumes were significantly higher during the quarter, though the prices and margins remained strained.
• Commissioned Multi-purpose Agro Actives & Intermediate plant in Bharuch and Diketene Derivatives plant in Gajraula in Q4FY24. Financial Highlights
• Revenue in Q4 saw a significant increase (vs. Q3) on account of higher volumes across pyridine based products, Di-ketene derivatives and CDMO portfolio.
• However, the pressure on pricing stayed across product lines, especially in agrochemicals and to some extent in pharma too; this led to marginal drop in EBITDA margin.

B. Nutrition & Health Solutions

All figures are in Rs Crore unless otherwise stated

Market Highlights

Feed B3

• Vitamin demand remained stable during the quarter, though competitive forces witnessed leading to pricing pressures.

Food & Cosmetic B3

• Steady demand for food grade and cosmetic grade products; witnessing increasing traction in the market.

Choline Salts

• Steady demand but pricing pressure continues with competitive offering from China.

Business Highlights

• Improved our global market share in Feed grade Niacinamide FY24, as against in FY23.
• Continued focus on improving market share from customers in niche segments i.e. Cosmetics and Food grade resulted in increased volume and revenue from the segment in Q4’FY24 sequentially and in FY24
• GMP compliant facility for Food & Cosmetic grade Niacinamide is expected to be commissioned in Q3’FY25, also started receiving good traction for booking of volumes.
• Launched new products range with introduction of food grade Choline Chloride and Choline Bitartrate

Financial Highlights

• Revenue for the Quarter and Year grew on account of higher Niacinamide volumes, margins were under pressure due to lower realizations.
• Sale of high cost carry forward inventory from Q3 also impacted EBITDA margins negatively (driven by a planned shutdown in Q3)

C. Chemical Intermediates Segment

All figures are in Rs Crore unless otherwise stated

Market Highlights

Volumes

• Continued lower utilizations in downstream industries including Agrochemicals and Paracetamol constrained further volumes pickup in the segment.

Cost

• Red-Sea challenge resulted in overall increase in ocean Freight impacted sales and contribution margins during the quarter.

Price

• Ample supply and high inventories of Acetic Acid across Asia led to Acetic Anhydride prices remaining under pressure and range-bound.

Business Highlights

• On YoY basis improved Acetic Anhydride market share in Europe, and increased penetration by acquiring new customers.
• Maintained dominant market share for the Acetic Anhydride in domestic markets.
• Implemented world class digital/analytics initiatives at our global manufacturing facilities to improve cost structure.
• Received +99% Biogenic Content Rating fortests conducted for Carbon C-14 natural content for Green Acetic Acid.
• Expanded footprints in global markets through value added products penetration e.g., Propionic Anhydride in Europe.
• Markets are tough in Ethyl Acetate and we are opportunistically engaging to conserve and expand margins.

Financial Highlights

• Revenue for the Year and Quarter were impacted on account of lower prices of Acetic Anhydride, which were primarily driven by lower pricing of underlying key raw material, i.e. Acetic Acid.
• EBIDTA was lower on account of lower realization in Acetic Anhydride driven by continued lower utilizations in downstream industries including Agrochemicals and Pharma (Paracetamol).

D. Income Statement – Q4 & FY24

All figures are in Rs Crore unless otherwise stated

# During the quarter, the company has opted to move to the new tax regime from FY24 onwards whereby the applicable statutory tax rate shall only be 25.17% as against the statutory tax rate of 34.944% in the old tax regime in the prior years. Consequently, the tax expense for the quarter includes onetime transitional write-off of brought forward MAT credit amounting to Rs. 12.56 crores.

E. Segment P&L – Q4 & FY24

All figures are in Rs Crore unless otherwise stated.

# During the quarter, the company has opted to move to the new tax regime from FY24 onwards whereby the applicable statutory tax rate shall only be 25.17% as against the statutory tax rate of 34.944% in the old tax regime in the prior years. Consequently, the tax expense for the quarter includes onetime transitional write-off of brought forward MAT credit amounting to Rs. 12.56 crores

F. Key Ratios

All figures are in Rs Crore unless otherwise stated.

• Increase in Net Debt during the year is led by Rs 572 Cr of Capex in FY24.
• Net Debt in H2 was reduced by Rs 48 Cr through focussed working capital optimization led by active management of Inventories and other measures driven by Lean initiatives.

Strengthens Profile in Specialty Chemicals Segment; Positions Attractively for Accelerated Growth From Advanced, High-Potential Chemistry Platforms

Noida, UP, India, April 01, 2024: Jubilant Ingrevia Limited, today announced the commissioning of a new facility at its manufacturing site for Diketene derivatives at Gajraula, Uttar Pradesh. As a global, integrated life science products and innovative solutions provider, the Company presently has over 134 products & innovative solutions commercialised. With over four decades of experience, it has developed proficiency across ~35 key chemistry and technology platforms across its businesses: Specialty, Nutrition and Chemical Intermediates.

The newly commissioned facility adds additional capacity of ~2,000 TPA to produce high-value esters. This strengthening of the Diketene and derivatives platform marks a natural evolution of strategy in the Specialty Chemicals segment. This business is pivoting towards accelerated growth and higher margins with the introduction of several downstream derivatives.

In line with its long-term strategic objectives, Jubilant Ingrevia remains committed to commissioning of future phases of Diketene derivatives. In addition to existing clients the expanded range of diketene derivatives will be aimed at a new category of customers in key international markets, including the U.S and E.U regions.

On this occasion, Mr. Deepak Jain, Chief Executive Officer and Managing Director, Jubilant Ingrevia Limited, said, “I am delighted to emphasise our unwavering dedication to specialty chemicals business with the introduction of this new facility. Diketene and derivatives represent an accelerated growth platform for us. We are committed to cultivating a comprehensive range of advanced product portfolio within this segment with about half a dozen existing derivatives and several new ones in pipeline. Today’s announcement marks an inflection in growth as this advancement will bring us closer to satisfying our client’s needs for innovative products and solutions, leveraging a distinctive and specialised chemistry platform”.

Whereas the existing range of offerings in diketene and derivatives has ramped up markedly, the next iteration of growth shall come from introduction of new products that are presently in the pipeline. The Company’s long-standing association with leading customers in pharmaceuticals, agrochemicals and other industries combined with early efforts to get customer product approvals, are expected to drive major portion of capacity utilisation in the coming months.

Noida, Uttar Pradesh, India, March 12, 2024:Jubilant Ingrevia Limited, a prominent player in India's sustainable manufacturing, today announced that it has partnered with O2 Renewable Energy XVIII Private Limited (‘O2 Renewable’, a group company of O2 Power SG PTE. LTD, Singapore), a leading renewable energy developer. This partnership marks a significant step for the Company towards establishing renewable energy power generation using hybrid open excess through solar and wind sources. It aims to access renewable energy through a captive arrangement, fulfilling the Company's power requirements and meeting its increasing demand from green energy to power its manufacturing facilities at Gajraula, Uttar Pradesh and Savli, Gujarat. This represents an important milestone in the Company’s sustainability journey by reducing dependence on non-renewable energy sources and reducing its carbon footprint.

Commenting on this development, Mr. Deepak Jain, CEO & Managing Director, Jubilant Ingrevia Limited, said, "Our collaboration with O2 Renewable demonstrates our commitment to sustainable practices, minimising our ecological footprint and improving operational efficiency. This emphasises the importance of fostering innovation and economic growth while contributing to a sustainable future.”

Speaking on this occasion Mr. Parag Sharma, Founder and Chief Executive Officer, O2 Renewable said, “We are delighted to partner with Jubilant Ingrevia, a global integrated life science products and innovative solutions provider, for the supply of green energy. This will enable them to take a significant step towards attaining their sustainable goals and offsetting their carbon emissions. We hope to expand this relationship in the near future and cater to the other facilities of the Jubilant Bhartia Group, helping them turn green and sustainable.”

An ESG leader, Jubilant Ingrevia started its sustainability journey in the early 2000s. It has been a top-ranking chemical company in ESG initiatives, like S&P DJSI, TFS, Ecovadis, CDP Climate Change program and Responsible Care certification. The Company is now focusing on green energy, and introducing renewables in the portfolio is one of the many things it is currently doing, like biomass.

To further strengthen its position as an ESG leader, Jubilant Ingrevia has intensified its focus on green energy, setting ambitious targets to achieve above 30% greening in the coming years. Initiatives have already been launched at its Nira, Maharashtra facility and are now extending to facilities in Gajraula and Savli.

While adopting renewable energy brings environmental benefits, it also has other advantages, like reducing the overall cost of power and enabling the Company to offer more competitive value propositions to its customers.

The Jubilant Bhartia Group, known for its commitment to ESG principles and sustainability, is leading an ambitious drive to extend green initiatives across all its entities. Each entity within the Group actively implements green practices shaped to their respective sectors. The Group promotes these values within its operations and the wider community.

Strengthens Portfolio in Forward Integrated, High-Potential Agro Actives & Intermediates

Noida, Uttar Pradesh, India, March 05, 2024: Jubilant Ingrevia Limited today announced the commissioning of its state-of-the-art, multipurpose, agro active & intermediate plant to produce value-added products at its manufacturing facility at Bharuch, Gujarat.

The plant, established by the Company's wholly-owned subsidiary, Jubilant Agro Sciences Limited, is geared towards meeting the rising future global demand for agro actives & intermediates. This plant will be utilised for both its CMO customers and own actives.

Jubilant Ingrevia has been synthesising several agro intermediates at its manufacturing facility at Bharuch, Gujarat, and this new plant will further expand its presence in agrochemicals. This plant will primarily cater to insecticides intermediates and actives, fungicides actives, based on company’s core pyridine and non-pyridine value chains.

Speaking on the occasion, Mr. Deepak Jain, CEO & Managing Director, Jubilant Ingrevia Limited said,

“We are delighted to commission our new multipurpose agro actives & intermediates plant, marking a significant advancement in our core strategy to amplify the impact of value-added agrochemicals in our business. By leveraging our expertise in providing solutions to our worldwide customers through multi-step chemistries, we have emerged as a partner of choice for global agrochemical customers, including innovators. The commissioning of this cutting-edge facility is a testament to our dedication towards expanding our business into more value-added agro actives & intermediates. This plant adds further capacity to our agrochemicals business, on top of the intermediates plant we commissioned recently in Dec’23”

As a global leader in multiple product platforms, the Company has developed several cost-competitive, value-added products through its strong backward integration, utilising captive raw materials. This new plant can further synthesise a variety of agro actives & intermediates for both domestic and international customers.

Jubilant Ingrevia remains committed to ESG principles. The commissioning of this multipurpose, agro actives & intermediates facility will enable its strategic partners and key customers to reduce their carbon footprint.

Noida, Uttar Pradesh, March 01, 2024: Jubilant Bhartia Foundation and Schwab Foundation for Social Entrepreneurship, a sister organisation of the World Economic Forum, invite applications for the 15th edition of the annual competition - Social Entrepreneur of the Year – India Award 2024 (SEOY). The application for the award will be accepted till April 30, 2024. Interested candidates may submit the application form available at www.jubilantbhartiafoundation.com or can email the filled form to jbf.seoy@jubl.com

The winner of the Social Entrepreneur of the Year – India Award 2024 will be announced on 10th September 2024 in New Delhi.

The winner of the SEOY – India Award will become part of the world’s largest and the first inter-sectoral community of social innovators affiliated with the Schwab Foundation for Social Entrepreneurship to engage, build, and sustain their social enterprises.  

The participating individuals and organisations will be evaluated on the key parameters of Market-based, Technology-enabled, Sustainability, Direct Social Impact, Reach & Scope and Replicability.

The finalists will be selected following an extensive search and selection process, including expert reviews, interviews and site visits. The winner is selected by a jury of eminent leaders and professionals from Government, Business, Media, and Civil Society.

The Social Entrepreneur of the Year – India Award aims to promote and celebrate leading social entrepreneurs and their unique ventures in India that help address the different societal gaps in our country. Through providing recognition, the SEOY – India Award hopes to inspire many other potential social entrepreneurs in India every year.

In 2010, the Schwab Foundation for Social Entrepreneurship and Jubilant Bhartia Foundation came together to promote social innovation in India through the Social Entrepreneur of the Year – India Award, and they have since recognised and supported the growing field of social innovation in India. This year, the award celebrates its 15th year and has established itself over the last decade as one of the most respectable awards for social entrepreneurs in India.

The award recognises individuals and organisations who implement innovative, sustainable and scalable solutions to address pressing issues under-served communities face to make inclusive growth a reality in India. They work in diverse areas such as health, education, employment, water, clean energy, building identity & entitlements, financial literacy, and access to information and technology.

Key Highlights

Who can participate: Accomplished social change leaders across diversity of large-scale, system change and social innovation models in society

How to participate: Submit application form available at www.jubilantbhartiafoundation.com or email filled form to jbf.seoy@jubl.com.

Last Date: April 30, 2024

Evaluation parameters: Market-based, Technology-enabled, Sustainability, Direct Social Impact, Reach & Scope, Replicability.

Benefits:

• Access to the world’s most influential network
• Showcase awardees’ solutions to the highest level of decision-makers
• Build leadership capacity of awardees by strengthening their organisational and business strategies through executive education programmes at top universities, practitioner-oriented research and curated programming at global and regional meetings
• Create spaces for reflection and peer-to-peer mentoring

Past winners:

Dr Shuchin Bajaj from Ujala Cygnus won the Social Entrepreneur of the Year Award - India 2023, presented by Mr Amitabh Kant, G-20 Sherpa, during its presidency, Government of India. Dr Shuchin Bajaj, through Ujala Cygnus’ chain of low-budget-and-patient-friendly tertiary-care hospitals, is enabling access to high-quality integrated healthcare infrastructure and services for underserved communities in tier 2 & 3 cities of India. It works with a mission of ‘Building trust by saving and caring for lives with dignity, affordability and quality’. Ujala is bringing the revolution of super-speciality tertiary health care to the untouched and un-served communities at the convenience of their home town and a basic cost. Ujala Cygnus is also mobilising the community on various facets of health awareness through health/medical camps for rural outreach. Ujala Cygnus has been a pioneer and champion of the Ayushman Bharat PMJAY initiative. All Ujala Cygnus are NABH accredited andempanelled with prominent TPAs and government panels, including ESI, increasing their accessibility. Ujala Cygnus hospitals are currently present in 18 districts and five states of Northern India, reaching a population of over 5 crore people. In FY 22-23, Ujala Cygnus treated 3,42,656 inpatients and 4,59,891 outpatients and undertook 61,516 surgeries. Ujala Cygnus envisions expanding to the farthest corners of North India and institutionalising at least 30 units of medical excellence by 2025. The organisation is currently present in 5 states in North India, including Delhi, Jammu and Kashmir, Uttar Pradesh, Uttarakhand, and Haryana. In the near future, it plans to expand to Odisha, Bihar, Madhya Pradesh, Himachal Pradesh and Rajasthan.

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The Board of Jubilant Ingrevia Limited met today to approve financial results for the quarter and Nine Months ended December 31st, 2023. The Board of Directors at its meeting held on 30th, January, 2024 has declared an interim dividend of Rs. 2.50 per share of Rs. 1 each amounting to Rs. 39.8 Crores.

Commenting on the Company’s performance, Mr. Shyam S Bhartia, Chairman and Mr. Hari S Bhartia, Co-Chairman, Jubilant Ingrevia Limited said:

“We are pleased to announce the stable business performance for Q3 amidst the continued challenging market condition.

We are also glad to share that the Board has recommended an interim dividend of 250% i.e.  Rs 2.50 per equity share of face value of Re 1 each for the FY’24. This shall result in cash outflow of Rs 39.8 Crore.

The Agrochemicals sector, continued to witness sluggish volume pick up globally. Although we believe the inventory de-stocking is in its last leg, the broader challenges to the sector still prevail. Prices globally were under pressure due to excess Chinese supply, at very low prices. Consequently, the agrochemicals intermediate business was affected, both on volume and prices.

In the Pharmaceutical end-use segment, we saw steady growth on a YoY basis, resulting in the healthy placement of volumes across the value chain and a stable price environment.

In segments like Feed, Food, Cosmetics and FMCG, we successfully placed good volumes in the markets and maintained market share. However, pricing recovery was muted due to aggressive volume push by the competition.

As we draw near to closing the financial year, we are hopeful and continue to have a view that the Agrochemicals segment will witness recovery from H1 of the next financial year. We anticipate signs of pickup in volume by the end of Q4 FY2024.

As a key supplier to global agrochemical companies, we are confident of our role in managing the transition of supply chain sourcing away from China. We are witnessing continuous interest and inflow of inquiries from global agrochemical clients, where these inquiries are also graduating towards advanced stage discussions, and we are confident to meeting their long-term requirements in the times to come.

We kept costs under control through lean initiatives on the input costs front. The energy costs were also reasonably maintained by sourcing coal at optimal prices and other efficiency and mix initiatives.

Driven by robust domestic consumption, we expect the Indian market fundamentals to remain strong and fuel further growth for us.

As we have remained on track towards investments in high-potential categories through our well-defined modular capex plan of Rs 2,000 Crore till FY 2025, we remain focused on delivering structured growth in future.”

Q3 & 9M’FY24 Highlights | Segment Wise Analysis

A. Speciality Chemicals

• Sluggish demand leading to lower volumes and prices in Agro end-use Products impacted margins significantly
• However, positive traction on the following helped in holding margins at the current level:
  • Increased share of Pharma End-use customers and Improved product mix
  • Positive traction was observed from Diketene derivatives and the microbial control solutions business
  • Gradual and continued reduction in overall energy cost driven by softening of coal prices and better supply mix
  • Overall lower volumes, driven by lower demand for agrochemical end-use, led to pressure on margins
  • Share of Pharma End-use improved on a YoY and QoQ basis.
• Overall, we added 38 new customers in the Speciality chemicals business.
• Continued to accumulate new projects in the CDMO business. Looking at strategic partnerships with large global clients on the back of firm enquiries.
• Under Microbial control solutions, the capacity of Pyrithiones is expanded to cater to increased demand. Witnessed continued healthy traction in Pyrithiones business; new customers and product approvals were added.
• Commissioned Multi-purpose Agro Intermediate plant towards the end of Q3’FY24. Further, another Agro Active/ Intermediate plant is to be commissioned in Q4’FY24. 
• Diketene plant operated at optimum capacity. The planned expansion of Diketene derivatives to launch 2 more products is on track. Commissioning to take place in Q4’FY24.

B. Nutrition & Health Solutions

• Revenue & EBITDA grew on a YoY basis, primarily led by improved demand and price recovery in major products.
• On a QoQ basis Revenue & EBITDA declined on account of lower prices due to Chinese competition.
•  Nutrition & Health Ingredients (NHI) business witnessed improved demand from Food segment end-use on QoQ and YoY basis. Acquired 12 new customers during the quarter.
• Animal Nutrition & Health Solution (ANHS) business, witnessed demand traction in premixes especially in Mineral premixes, Emulsifiers, and Chromium & Herbal formulations
• ANHS continued focus on increasing market share in Feed segment, acquired 17 new customers during the quarter.
• Prioritising improved share from customers in niche segments i.e. Cosmetics and Food grade resulted in improved volume and revenue from the segment.
• Capex for GMP compliant facility for Food & Cosmetic grade Niacinamide is expected to commission in Q2 of FY25.
• We are working towards the detailed plan for scaled capex for enhancing capacity for Choline & Specialty Premix products and food grade Vitamin B4.

C. Chemical Intermediates Segment

• Revenue and EBITDA for the segment were impacted YoY because of lower realisation in Acetic Anhydride and lower demand and realisations in Ethyl Acetate.
• New global scale, the Acetic Anhydride plant at Bharuch stabilized and operated at optimal utilization level.
• Added 27 new customers during the quarter.
• Maintained market leadership for the Acetic Anhydride in domestic as well as International markets.
• Improved share of domestic sales on YoY and QoQ basis
• Promoting sales with small Indian Manufacturers to augment domestic market share with value added product sales.
• Continued focusing on volumes-based contract with global customers, towards scaling-up volumes.
• Lower demand in Ethyl Acetate continued during the quarter.

D. Income Statement – Q3 & 9M’FY24

All figures are in Rs Crore unless otherwise stated.

E. Segment P&L – Q3 & 9M’FY24

F. Key Ratios

• Decrease in Net Debt was on account of working capital release driven by lean initiatives.

Jubilant Ingrevia Limited today announced the commissioning of its state-of-the-art multipurpose agro intermediate plant to produce value-added derivatives at its manufacturing facility at Bharuch, Gujarat.  The plant aims to cater to the growing demand of agro intermediates across the globe.

Speaking on the occasion, Mr. Deepak Jain, CEO & Managing Director, Jubilant Ingrevia Limited said,

“We are delighted with the commissioning of our new multipurpose agro intermediate plant. This aligns with our key strategy to shift structurally towards value-added agrochemicals business. Our deep expertise in offering solutions to our global customers using multistep chemistries has led us to become a partner of choice for our global agrochemical customers, including innovators. The inauguration of this state-of-the-art facility demonstrates our commitment to expand our business towards more value-added agro intermediates.”

This plant can synthesise a variety of agro intermediates for the global supply of several agro actives. The Company has developed cost-competitive value added products by using captive raw materials based on its completely backward integrated Pyridine capability, where it holds global leadership position.

Jubilant Ingrevia Limited continues to remain committed towards the introduction of key agro intermediates with a focus on ESG aspects, helping its strategic partners to address their journey towards carbon footprint reduction.

The Company is already synthesising several agro intermediates in its facility at Bharuch, Gujarat and this new plant will help in expanding its presence further in the agrochemicals space.

The Board of Jubilant Ingrevia Limited met today to approve financial results for the quarter and half year ended September 30th, 2023.

Commenting on the Company’s performance, Mr. Shyam S Bhartia, Chairman and Mr. Hari S Bhartia, Co- Chairman, Jubilant Ingrevia Limited said:

“We are pleased to announce stable business performance in Q2 & H1 of FY24, amidst the challenging market conditions.

In the Agrochemical sector we have witnessed reduced volumes of the actives in the global market due to continued de-stocking of inventory. Globally prices are depressed due to increased supply from China at very low prices since the lifting of Covid-19 restrictions. This has put pressure on our agrochemicals intermediate business on both volume and prices

In the Pharmaceutical end-use segment, demand remains stable and we are witnessing good growth in our segments aligned to this sector.

In segments like Food, Cosmetics and FMCG, demand for our products remain strong. In these segments we are present through our Vitamins and other ingredients.

Going forward, we strongly believe that Agrochemicals segment should improve from H1 next year with some green shoots by the end of Q4 FY2024. We remain confident of serving the Agrochemical sector with international agrochemical companies trying to diversify their supply chain with China plus one strategy. We are seeing many new enquiries and are currently under discussions with a few of the agrochemical companies for meeting their long-term requirements. We will continue to invest in this sector in view of the advanced discussions with some of our customers.

We continue to focus on the Pharmaceutical sector with both existing as well as new clients in order to increase our presence.

We will increase our presence through supply of ingredients in Food and Cosmetics sector from the investments already underway.

On the input costs front, we have witnessed softening of coal prices during the quarter leading to improvement in energy cost.

Indian market fundamentals remain strong with growth driven by domestic consumption across sectors, except for agrochemicals sector which is undergoing tough challenges in line with the global trends.

We remain committed to deliver structured growth in future in line with our defined capex plan.”

Q2 & H1’FY24 Highlights | Segment Wise Analysis

A. Speciality Chemicals

• Registered overall EBITDA growth and improvement in Margins owing to better product mix and higher sales contribution from Pharma, Consumer & Industrial end-use, including CDMO customers.
• CDMO business witnessed positive traction during the quarter. New projects added, which are currently in the early phase pipeline. Getting enquiries from large global customers across Pharma, Agrochemicals & Semiconductors for strategic partnership.
• Good momentum observed in Diketene range of derivatives. Plant operated at optimum capacity.
• Launched 2 new forward integrated derivative products. Pipeline of another 7-8 products under advance stage of development and commercialization.
• Under Microbial control solutions, healthy traction in Pyrithiones business coming from Paints and Coatings end usage.
• Agro active/Intermediate plant is expected to roll out as per schedule, to be commissioned in Q4 FY’24.
• Expansion of Di-ketene Derivatives is in progress. Commissioning expected towards end of FY 2024.
• Production capacity of Pyrithiones augmented at Ambernath facility for ZPTO Active manufacturing.

B. Nutrition & Health Solutions

• Nutrition & Health Ingredients (NHI) business witnessed stable demand and improved pricing in Niacinamide.
• Animal Nutrition & Health Solution (ANHS) business gained growth in volumes and continues to focus on Speciality products for future growth. Healthy traction witnessed in premixes especially in Mineral premixes, Emulsifiers, and Chromium & Herbal formulations
• Continued focus on improving volumes and share from customers in niche segments i.e. Cosmetics and Food grade.
• Capex for GMP compliant facility for expansion of Food grade Vitamin B4 is in final stages of planning.
• Enhancement of capacity for Choline & Specialty Premix products to cater to the improved demand is also under planning.

1. All figures are in Rs Crore unless otherwise stated

C. Chemical Intermediates Segment

• Newly commissioned global scale Acetic Anhydride plant at Bharuch stabilized during the quarter.
• Business strengthened its market leadership for Acetic Anhydride in domestic as well as International market.
• Volume based contract with Global customers, towards scaling-up volumes in future.
• Witnessed realisation pressure in Acetic Anhydride on account of headwinds faced from Agrochemical end-use and paracetamol customers.
• Our new product, Bio Acetic Acid is gaining acceptance as a sustainable food preservative by major brands in India and is under approval with global customers as well. FSSAI & FSSE 22000 certifications already received.

D. Income Statement – Q2 & H1’FY24

E. Segment P&L – Q2 & H1’FY24

F. Key Ratios

• Increase in Net Debt mainly led by steady capex expenditure and higher working capital.
• Higher working capital during the quarter is on account of decline in payables for earlier purchases, while fresh purchases were rationalised.

The Jubilant Bhartia Foundation and the Schwab Foundation for Social Entrepreneurship, the sister organisation of the World Economic Forum, are pleased to announce that Mr. Amitabh Kant, G-20 Sherpa, Government of India will be the Chief Guest at the 14th Social Entrepreneur of the Year Award India, 2023 on August 25, 2023. The award will be presented by Mr. Kant at a ceremony in New Delhi amongst distinguished global leaders and representatives from various sectors gathered to celebrate the spirit of social entrepreneurship. This year, the award ceremony is being held on the side-lines of B-20.

The winner of this year’s Social Entrepreneur of the Year Award India, 2023 will be chosen by a distinguished jury comprised of industry stalwarts and eminent personalities from different backgrounds.

The winner will be selected from amongst the four high-impact social innovators as finalists.

These four social innovators have been selected after an extensive selection process based on parameters such as the organisation’s orientation towards addressing social inequalities, exclusion and marginalisation; uniqueness of the social model, ability to create sustainable systemic level changes and demonstrated social impact:

1. Dr. Aparna Hegde from ARMMAN, Mumbai - ARMMAN leverages mHealth to create cost-effective, scalable, gender-sensitive, non-linear, systemic solutions to improve access of pregnant women and mothers to preventive information and services along with training health workers to reduce maternal and child mortality/morbidity.

2. Ms. Bijal Brahmbhatt from Mahila Housing Sewa Trust, Ahmedabad – Aimed at improving the habitat of poor women from the informal sector in cities, MHT invests in women’s collectives and leadership that advances a constructive dialogue and responsible urban development.

3. Mr. Dhimant Parekh & Ms Anuradha Parekh from The Better India, Bengaluru - The Better India (TBI) ushered a whole new positive movement in the country - by using the power of stories to effect large-scale social impact.

4. Dr. Shuchin Bajaj from Ujala Cygnus Healthcare, New Delhi - Ujala Cygnus through its chain of low-budget-and-patient-friendly-tertiary-care hospitals is enabling access to high-quality integrated healthcare infrastructure and services for underserved communities.

For more details on the finalists, please click here.

The winner of the SEOY Award India 2023 will join the social innovators’ community of the Schwab Foundation for Social Entrepreneurship, a leading global platform that has accelerated outstanding models of social innovation for over 25 years. The Winner and Finalists of SEOY Award India 2023 will also have the opportunity to apply for the Hindustan Times Fellowship for the Stanford Seed Transformation program.

Now celebrating its 14th year, the SEOY Award India has established itself as one of the most reputed and coveted awards for social entrepreneurs in India.

In 2009, the Schwab Foundation for Social Entrepreneurship and Jubilant Bhartia Foundation came together to promote social innovation in India through the Social Entrepreneur of the Year (SEOY) Award India 2023 and has since recognised and supported the growing field of social innovation in India. Over the last decade, it has established itself as one of the most reputable awards for social entrepreneurs.

Note to the Editors:

The Schwab Foundation for Social Entrepreneurship, founded in 1998, is a not-for-profit organization which provides a global platform that advances the world’s leading models of sustainable social innovation. In collaboration with the World Economic Forum, for more than 20 years, the Schwab Foundation has selected and curated a community of over 400 late-stage social innovators who work in 190 countries and highlighted leading social innovation models to top decision-makers in business and government.

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