Speciality chemicals company Aether Industries listed on the bourses on June 3 at Rs 715 with a 20 percent premium to its IPO price. The company raised Rs 627 crore via the IPO for funding capital expenditure, working capital requirements, and repayment of borrowings.

The company is in the advanced intermediaries and specialty chemicals manufacturing segment with 25 products that cater to 34 global customers and 154 domestic customers.

The company has three segments – first is large-scale manufacturing where the company does R&D and manufacturing and it accounts for 67 percent of revenues. The second segment is contract research and manufacturing and it accounts for 8 percent of total revenues. While third segment contract exclusive manufacturing accounts for 24 percent of revenues.

The company boasts of customers like Divi’s Labs, IOL Chemicals, Lupin, Aarti Drugs, Neogen Chemicals, IPCA Labs, and Aramco. Its revenues have grown at a compounded annual growth rate (CAGR) of 53 percent, margins have improved to 29 percent from the 21 percent and profits have grown by 93 percent to Rs 109 crore over the last five years.

In an interview with CNBC-TV18, Rohan Desai, promoter and whole-time director of Aether Industries said the company aims to maintain margins of around 30 percent and grow from there over the next 5 years.

"We are at 29-30 percent EBITDA margins and 18-19 percent PAT levels currently. We would like to maintain this as the minimum base for us and grow from there for the next 5 years. With the products that we are launching, we think that we will be able to grow from here in terms of EBITDA and PAT.

Aman Desai, another promoter and whole-time director of the company said he expects R&D to be the growth engine of the company. "The focus of the company, the fundamentals of the company have been driven by R&D from day 1 and they will continue to do so in the future. So R&D is going to be the driver and the growth engine of the company. So we will put in a significant amount of energy, resources, and enthusiasm into R&D."

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