Financials Q1FY09 24 July 2008

Kanoria Chemicals Net Profit at Rs 5.68 crore Net Sales for Q1 FY09 stood at Rs 126 crore EBIDTA for Q1 FY09 at Rs 32.60 crore up 62% v/s Q1FY08
Editor's Synopsis
Financial Highlights (Q1FY09)
  • Net Sales at Rs 126 crore
  • Net Profit at Rs 5.68 crore
  • EBIDTA at Rs 32.60 crore, up 62%
  • Operating margins up at 26% compared to 19% in Q1FY08
New Delhi, July 24, 2008: Kanoria Chemicals & Industries Limited (KCI), India's leading manufacturer of chemical intermediates, registered good performance for the first quarter ended June 30, 2008. KCI reported Sales Revenue of Rs 126 crore for Q1FY09. EBIDTA for the quarter stood at Rs 32.60 crore as against Rs 20.09 crore in Q1FY08, registering a growth of 62%. For Q1FY09, the EBITDA margin stood at 26% as against 19% in the corresponding quarter last fiscal. The Basic EPS was recorded at Rs 1.01.

The Net Profit for Q1FY09 was Rs 5.68 crore. Pursuant to the requirement of the Accounting Standard 11, the company is required to account for gain/loss arising from changes in foreign exchange rates. Accordingly, the Company made a provision for uncrystallised loss of Rs. 6.24 crores during the quarter as against unrealized gain of Rs. 6.74 crores in the corresponding quarter of the previous year on various FCCBs related transactions. The Net Profit almost trebled excluding the impact of these uncrystallised loss/unrealized gain.

Commenting on the strong numbers posted for Q1FY09, Mr. R.V. Kanoria, CMD, Kanoria Chemicals & Industries Limited said, "Our strategies coupled with efficient execution have helped us sustain our growth momentum. The expansion in our Caustic Soda production capacities has begun to show results and we look forward to leveraging this to meet the growing demand."

Operational highlights
Along with increase in capacity for Caustic Soda, KCI has also expanded capacities for downstream Chlorine derivative products. The company recently commissioned Chlorinated Paraffin project with an installed capacity of 11,500 TPA.