Net Sales for Q4FY09 at Rs 117 crore and EBIDTA at Rs 34crore; Net Sales for FY09 at Rs 492 crore and EBIDTA at Rs 115 crore.
Q4FY09 Results (all comparisons with Q4FY08)
- Net sales at Rs 117.4 crore, up by 4.7% from Rs 112.1 crore
- EBIDTA at Rs 33.6 crore, up by 39.2% from Rs 24.2 crore
- PBT at Rs 11.7 crore, up nearly four times from Rs 3.1 crore
- PAT at Rs 7.6 crore, up nearly two and a half times from Rs 3.1 crore
- EPS (Basic) at Rs 1.35
- Operating profit margin of 28.6%
FY09 Results (all comparisons with FY08)
- Net sales at Rs 491.8 crore, up by 13.8% from Rs 432.2 crore
- EBIDTA at Rs 114.9 crore, up by 19.2% from Rs 96.4 crore
- PBT at Rs 22.9 crore, down from Rs 39.5 crore
- PAT at Rs 14.6 crore, down from Rs 30.5 crore
- EPS (Basic) at Rs 2.59
- Operating profit margin of 23.4%
Highlights
- Following fair value accounting, all forex losses on FCCBs, amounting to Rs. 24 crores, have been charged to current year profit & loss.
- The board of directors recommended 30% dividend
Kanoria Chemicals & Industries Limited (KCI), India’s leading manufacturer of chemical intermediates reported good growth in Q4FY09. The net sales for Q4FY09 was at Rs 117.4 crore as compared to Rs 112.1 crore in Q4FY08; an increase of 4.7%. EBIDTA for Q4FY09 stood at Rs 33.6 crore; registering an increase of 39.2% as compared to Rs 24.2 crore in the corresponding previous quarter. Net profit for the Q4FY09 improved to Rs 7.6 crore as against Rs 3.1 crore in Q4FY08.
For the year ended March 31, 2009, net sales stood at Rs 491.8 crore as compared to Rs 432.2 crore in FY08; an increase of 13.8%. EBIDTA for FY09 stood at Rs 114.9 crore; registering an increase of 19.2% as compared to Rs 96.4 crore in the corresponding previous period.
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The Net profit for the FY09, however declined to Rs 14.6 crore as against Rs 30.5 crore in FY08 on account of following the fair value accounting concept, whereby the Company has made provision for uncrystallised foreign exchange loss of Rs. 24.34 crore during the year in respect of FCCBs and provision for premium made thereon although the Ministry of Corporate Affairs vide its notification dated March 31, 2009 allowed the same to be capitalised/amortised. The earnings per share (EPS) for FY09 stood at Rs 2.59 per share.
Commenting on the company’s growth during FY09, Mr. R.V. Kanoria, CMD, Kanoria Chemicals & Industries Limited said, “Our operational efficiencies have helped us perform well even in this current economic scenario. Our focus on ensuring high productivity per employee and keeping a continuous vigil on costs benefited KCI’s overall performance. It has not only ensured better performance but has also helped us keep our expansion plans on track”.
“As a response to the economic downturn, our agreement with UPPCL for sale of surplus power as a result of lower capacity utilization in our Chloro Chemicals division partially helped us offset losses.” Mr. Kanoria further added.
KCI completed the acquisition of land for setting up Formaldehyde and Hexamine plant in Vizag.The project is going on as per schedule and is expected to complete by the second quarter of fiscal 2010-11.
About Kanoria Chemicals
Kanoria Chemicals & Industries Limited (KCI) (BSE: 506525; NSE: KANORICHEM) is a leading manufacturer of chemical intermediates in India. KCI has two manufacturing facilities, one at Renukoot in Uttar Pradesh, which manufactures Caustic Soda, Chlorine and Chlorine derivatives including water treatment chemicals; and the second at Ankleshwar in Gujarat, which manufactures Alcohol based intermediates. KCI operates two 25MW thermal power plants in Renukoot, and enjoys cost advantage as a result of backward and forward integration. The company’s portfolio comprises of over twenty products, with a market leadership in six and substantial shares in all others. During the year KCI was conferred the ICC Social Responsibility Award by the Indian Chemical Council. More information about the company is available at www.kanoriachem.com.