Revenues during the quarter under review rose to ₹1,807 crore from ₹1,342 crore
Revenues during the quarter under review rose to ₹1,807 crore from ₹1,342 crore
Chemplast Sanmar Ltd., part of the SHL Chemicals Group, was working on debottlenecking of suspension PVC capacity unit by 10% as the outlook for the company’s product portfolio remains ‘very positive’, a top company official said on Wednesday.
The company, in a statement, declared financial results for the quarter ending March 31, 2022 with profit after tax touching ₹232 crore as compared to ₹179 crore registered corresponding quarter previous year.
For the financial year ending March 31, 2022 profit after tax went up to ₹649 crore as against ₹310 crore registered year ago.
Commenting on the financial performance, Chemplast Sanmar Ltd., Managing Director, Ramkumar Shankar said, “We delivered a very strong fiscal year 2022 marked by an important milestone in our history, our IPO (initial public offering).
Our focus on consistently delivering outstanding operational results, combined with our dedication to strengthen our balance sheet has helped us advance our performance by every passing quarter this (financial) year.” Revenues during the quarter under review rose to ₹1,807 crore from ₹1,342 crore reported during same period last financial year.
Revenues for the year ending March 31, 2022 surged to ₹5,892 crore as against ₹3,799 crore recorded year ago.
Mr. Shankar while observing that the company may face short-term challenges, arising out of COVID-19 enforced lock-down in China, said the outlook across the product portfolio remain ‘very positive’.
“The domestic market for suspension PVC has been steadily growing, largely led by growth in the pipes and fittings market. We are working on de-bottlenecking of our suspension PVC capacity by 10% and this was expected to come fully online in Q1-FY2023”, he said.
On the company’s plan to add additional capacity of 41 kilo tonnes, at its Cuddalore Specialty paste PVC unit, Mr. Shankar said it was progressing well and scheduled to go on stream in FY2024.
“The outlook for custom-manufactured chemicals continues to remain robust with sound customer enquiries. The first phase of our capital expenditure involving setting up of a new multi-purpose plant is slated for completion by Q1 of FY2024,” he said.
