Here's a summary of the announcement: **1. Financial Highlights:** Net sales were 591.94 Cr (down 4.7% YoY) in Q2 2025 due to lower volumes.

EBITDA surged 28.7% YoY to 49.27 Cr, with margins improving to 8.3% (from 6.2%), driven by favorable sales mix and efficiency.

Profit Before Tax (ex-exceptional) rose 55.2% YoY to 33.12 Cr.

H1 figures showed similar trends.

Balance sheet stable with Nil Net Debt and strong liquidity (155.7 Cr cash, 125.0 Cr liquid MFs, 371.9 Cr unutilized limits). **2. Strategic Initiatives & Growth Drivers:** Efficiency programs continue to boost profitability.

Key sustainability initiatives include ink cooling for solvent reduction, plans to update SBTi targets (1.5°C by 2030), and a renewable electricity project at Khopoli. **3. Business Developments:** Several Indian sites achieved Zero Liquid Discharge (ZLD) status, underscoring commitment to sustainable water management.

Safety metrics improved, with employees actively participating in safety challenges. **4. Market Position & Competitive Advantage:** Improved margins from favorable sales mix and operational efficiency highlight a strategic focus on value.

Stable financials, zero net debt, and strong liquidity provide a robust foundation. **5. Investor Implications:** Strong profitability growth (EBITDA, PBT*) despite volume decline shows effective operational management.

Robust balance sheet and growing ESG initiatives present positive growth potential.

Monitor future volume trends.