Financials Q3FY08 30 January 2008

Kanoria Chemicals announces 95% higher Net Profit for 9MFY08 EBIDTA for 9MFY08 up 35% v/s 9MFY07 at Rs 79.7 crore
Editor's Synopsis
Financial Highlights (9MFY08 v/s 9MFY07) y-o-y
  • Net Revenue at Rs 320.13 crore
  • Net Profit at Rs 27.44 crore up 95.2%
  • EBIDTA at Rs 79.73 crore, up 34.5%
  • Operating margins up at 25%
Financial Highlights (Q3FY08 v/s Q3FY07) y-o-y
  • Net Revenue at Rs 110.88 crore
  • Net Profit at Rs 6.27 crore down 15.6%
  • EBIDTA at Rs 25.17 crore, up 10.0%
  • Operating margins up at 23%

Other Highlight
  • Board of directors approved setting up an integrated Alco chemical complex at Vizag.
New Delhi, January 30, 2008: Kanoria Chemicals & Industries Limited (KCI), India's leading manufacturer of chemical intermediates, has registered good performance for the third quarter and nine-month ended December 31, 2007. KCI, reported net revenue of Rs 110.88 crore and net profit of Rs 6.27 crore for Q3FY08.

EBITDA for Q3FY08 stood at Rs 25.17 crore showing a rise of 10% as compared to Rs 22.88 crore for Q3FY07. The operating margins for Q3FY08 stood at 22.7% as against 19.8% in Q3FY07.

Net revenue of 9MFY08 stood at Rs 320.13 crore up 0.5% as compared to the corresponding period last fiscal. Net profit at Rs 27.44 crore for 9MFY08 has also shown strong growth as compared to Rs 14.06 crore for the corresponding period last year. EBIDTA for 9MFY08 stood at Rs 79.73 crore, a 34.5% jump over the same recorded in the previous period.

Commenting on the strong numbers posted for Q3FY08, Mr. R.V. Kanoria, CMD, Kanoria Chemicals & Industries Limited said, "We are pleased with the performance of the company in the three quarters of fiscal 2007-08. Our expansions activities are on schedule and we expect to complete our Caustic Soda project by the end of this quarter. We have maintained our strong growth trajectory and the results are in line with our internal objectives."
Operational Highlights
Vizag Plant
KCI announced setting up a new integrated Alco chemical complex at Vizag to manufacture Pentaerythritol, a chemical extensively used in manufacturing of paints. It will also manufacture formaldehyde, acetaldehyde, hexamine, ethyl acetate and acetic acid.

The project will help KCI in consolidating its leadership position in the Alco Chemicals segment in India. The capacity addition would meet enhanced demand of the paints and other user industries. The location at Vizag is of importance. Being located near the seaport it would enable the company to manage its international trades more economically.