Revenue increased to ₹1,807 billion during the quarter from ₹1,342 billion
Revenue increased to ₹1,807 billion during the quarter from ₹1,342 billion
Chemplast Sanmar Ltd., part of SHL Chemicals Group, is working to de-bottleneck its suspension PVC capacity unit by 10% as the outlook for the company’s product portfolio remains “very positive”, a senior company official said on Wednesday.
The company announced in a statement its financial results for the quarter ended 31 March 2022 showing profit after tax of £2.32 billion compared to £1.79 billion for the corresponding quarter last year.
For the year ended March 31, 2022, profit after tax increased to ₹6.49 billion from ₹3.10 billion recorded in the previous year.
Commenting on the financial performance, Ramkumar Shankar, Managing Director of Chemplast Sanmar Ltd. said: “We delivered a very strong financial year 2022, marked by an important milestone in our history, our initial public offering (IPO).
Our focus on consistently delivering excellent operating results, combined with our commitment to strengthening our balance sheet, has helped us improve our performance every quarter this year.” Revenue increased in the quarter from $1,342 billion in the same period reported in the last financial year.
Revenue for the year ended 31 March 2022 increased to £5,892m from £3,799m in the previous year.
While noting that the company may face short-term challenges arising from the lockdown in China enforced by COVID-19, Mr Shankar said the outlook for the entire product portfolio remains “very positive”.
“The domestic market for suspension PVC has been growing steadily, mainly driven by the growth in the pipe and fittings market. We are working to de-bottleneck our suspension PVC capacity by 10% and this is expected to come fully online in the first quarter through fiscal 2023,” he said.
Regarding the company’s plan to add additional capacity of 41 kilotons at its Cuddalore Specialty paste PVC plant, Mr. Shankar said it is making good progress and is expected to come online in fiscal 2024.
“The outlook for custom chemicals remains robust with solid customer demand. The first phase of our investments, which includes the construction of a new multipurpose facility, is expected to be completed by the first quarter of fiscal 2024,” he said.
