Specialty chemicals manufacturer Laxmi Organic Industries Ltd. has reported an over two-fold jump in its consolidated profit after tax (PAT) quarter-on-quarter at Rs 27.2 crore for the December as against Rs 8.7 crore in the September quarter on the back of higher other income.

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The company, however, saw a steep 61 percent decline in PAT compared to Rs 70 crore in the year-ago period.

The consolidated revenue from operations remained almost flat at Rs 654.6 crore in the December quarter as against Rs 652.1 crore in the September quarter. The company’s revenue dropped 24 percent year-on-year compared to Rs 859.8 crore in the year-ago period.

Earnings before tax were higher at Rs 33.5 crore as against Rs 10.1 crore in the September quarter. The PBT was at Rs 88.8 crore in the corresponding period a year ago.

Laxmi Organic Industries is a specialty chemicals manufacturer, focused on two key business segments: acetyl intermediates and specialty intermediates.

Established in 1992, the firm is the largest manufacturer of ethyl acetate in India. It has a diverse product portfolio and a market share of approximately 30 percent of the Indian ethyl acetate market and approximately 55 percent of the diketene derivatives market.

Shares of Laxmi Organic Industries ended 3.28 percent lower at Rs 280.30 on Wednesday.

(Edited by : Rukmani Krishna)