Clariant India's sales down marginally; but profit zooms in Q1 2014

Clariant Chemicals (India) Limited, one of India’s leading specialty chemicals producers, recorded a nearly fourfold increase in profit for the quarter ended March 31, 2014 over the previous quarter. The profit before tax and exceptional items stood at Rs 21.3 crores as against Rs 4.3 crores in the fourth quarter of 2013.  
 
Clariant also announced sales turnover (net of excise) of Rs 274 crores during the first quarter as against Rs 277 crores in the same quarter of the previous year. Sales in the first quarter of last year included since-divested businesses, including textiles, papers and emulsions. Clariant’s sales in the first quarter of 2014 by business units that continue to be a part of the company grew at a record 48% over the same quarter the previous year.
 
R A Shah, Chairman, Clariant Chemicals (India) Limited, said, “Clariant in India continued to perform well in Q1, having accomplished all the goals laid out for 2013. The management team has delivered exceptional results to sustain profitability across its core businesses, in spite of economic slowdown and rising inflation. In 2014, we will continue to focus on investment in our core business units, strengthening processes and encouraging innovation, which will benefit our shareholders and employees.”
 
“In 2013, Clariant in India witnessed a paradigm shift and hyper growth that has carried into Q1 2014. On a like-to-like basis, we saw a record sales growth of 48% over an already strong performance in the same quarter last year,” said Dr Deepak Parikh, Managing Director, Clariant Chemicals (India) Ltd.
 
He added, “Achieving a growth in sales of this scale when GDP is growing by just 5% is a testament to Clariant’s ongoing commitment to India. The management team and employees will continue to deliver on our long-term growth strategy in 2014, further enhancing productivity at our sites in India and expanding our geographic sales network across the country.”