Cleaner chemistry + Compex molecules = New Entry in India’s Richest List

Cleaner chemistry + Compex molecules = New Entry in India’s Richest List

by 5paisa Research Team Last Updated: 2022-02-10T14:13:14+05:30

Ashok Boob, Managing Director of Clean Science and Technology Ltd made an entry in Forbes India’s 100 Richest with a net worth of $2.3 billion ranking 93 in 2021.

With two and a half decades of experience in the Chemical industry, Boob turned entrepreneur at the age of 54. He previously worked as an Executive Director at Mangalam Drugs and Organics Ltd. He together with his nephew Siddharth Sikchi decided to work on developing eco-friendly and sustainable manufacturing processes of speciality and fine chemicals. Starting with hydroxylation technology, it has grown to become the largest manufacturer of certain chemicals globally

Clean Science now has seven products that are used in a wide variety of formulations, from an anti-oxidant in the food and animal feed industry to infant food formulations and breakfast cereals, and as a reagent in anti-retrovirals to UV blockers in sunscreens.

The company got listed in the secondary market on Jul 19, 2021, with a 98% listing gain over the offer price of Rs 900. At a CMP of Rs 2190, the stock has more than doubled from its issue price of Rs 900.

The company commands rich valuation at a TTM PE of 117X which factors in its potential growth in the Unique, innovative, sustainable and cost-effective catalytic manufacturing process. With 3 years revenue CAGR of 28% and PAT CAGR of 59%, the business boasts a return on equity of 36%.

Boob along with his wife Asha holds a 28.15% stake in Clean Science which at current market capitalization comes to Rs 6550 crore.

With his vision to work on sustainable technologies, Boob has unleashed the entrepreneur in him at an age when most plan their retirement and has founded a company that now boasts of a global presence in speciality chemicals. 

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