Financials - Q3 FY '04 - 23 January 2004

Kanoria Chemicals & Industries Limited (KCI) announces improved profitability for Q3 FY '04 Net Profit up by 50% to Rs. 6 crores; Turnover at Rs. 91 crores.
Kanoria Chemicals & Industries Limited (KCI), one of the leading Indian manufacturers of chemical intermediates, today announced its financial results backed by improved efficiencies in operations and continued focus on cost cutting for the third quarter (Oct - Dec 2003) of the current financial year.
Highlights of Q3, FY '04 (Oct '03 to Dec '03) v/s Q3, FY '03 (Oct '02 to Dec '02)
  • Total revenues increased by 0.2% to Rs. 91.05 crores from Rs. 90.90 crores
  • Net Profit increased by 49.6% to Rs. 6.03 crores from Rs. 4.03 crores
  • EPS on basic and diluted earnings is Rs. 3.44 against Rs. 2.20
  • Interest & finance charges have gone down by 34.5% to Rs. 2.81 crores from Rs. 4.29 crores
Cumulative For the Nine Months of FY '04 (April '03 to Dec '03) v/s Nine Months of FY '03 (April '02 to Dec '02)
  • Total revenues increased by 3.7% to Rs. 268.05 crores from Rs. 258.58 crores
  • Net Profit increased by 32.5% to Rs. 14.61 crores from Rs. 11.03 crores
  • EPS on basic and diluted earnings is Rs. 8.13 against Rs. 5.98
  • Interest & finance charges have gone down by 32.5% to Rs. 8.79 crores from Rs. 13.03 crores
Commenting on the company's performance for FY 2003, Mr. R.V. Kanoria, Chairman & Managing Director, Kanoria Chemicals & Industries, said:

"We are continuously investing in improving our manufacturing processes and market share consolidation in all our product categories. Demand is also increasing from our user industries on the back of improved macro economic environment. This will result in a significant improvement of our profitability in the current financial year.

However, the reduction in customs Duty and removal of Special additional Duty (SAD), without commensurate changes in local & State level levies, may impact the chemical industry adversely till internal reforms are carried out."