Clariant Chemicals Q2 results: Posts net profit of Rs 191 cr

Clariant Chemicals India Ltd on Thursday reported a multifold rise in its net profit to Rs 191 crore for the September 2020 quarter, mainly due to a gain of Rs 254.83 crore from sale of its business unit.
Its net profit had stood at Rs 19.34 crore in the corresponding quarter of the previous financial year, according to a regulatory filing.

Otherwise, net profit before exceptional item of Rs 254.83 declined to Rs 12.22 crore in the September 2020 quarter, from Rs 16.23 crore a year ago.

Net revenue in July-September 2020 declined to Rs 184.43 crore, compared with Rs 193.51 crore in the year-ago period.

Expenses remained slightly lower at Rs 172.21 crore, against Rs 177.28 crore a year ago.

In the filing, the company said it gained Rs 254.83 crore from the sale of its business unit Masterbatches to Polyone Polymers India Pvt Ltd in July.

Clariant Chemicals Vice-Chairman and Managing Director Adnan Ahmad said that coming out of a strong performance in the previous fiscal year, the COVID-19 pandemic impacted the company's sales during the first quarter of the current fiscal. However, the latest quarter has already seen a good recovery.

"We look forward to continued growth in the months ahead," he added.

Shares of the company on Thursday rose 2.60 per cent to settle at Rs 314.20 apiece on the BSE.