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Clariant Chemicals reports Rs 191.8 Cr net profit for Q2 FY20-21

November 27/2020

MOSCOW (MRC) -- Clariant Chemicals Limited., an Indian subsidiary of specialty chemicals giant Clariant AG, announced its results for the second quarter ended September 30, 2020, reported Kemicalinfo.

The company reported a net profit of Rs 191.8 crores for the period ended September 30, 2020 as against net profit of Rs 2.7 crores for the previous quarter.

Net sales grew 40% to Rs 180.8 crores during the period ended September 30, 2020 as compared to Rs 129.0 crores during the previous quarter.

The company reported a net profit of Rs 191.8 crores for the period ended September 30, 2020 as against net profit of Rs 9.2 crores for the prior-year quarter.

Net profit grew mainly due to a gain of Rs 254.83 crore from sale of its business unit.
 
Net sales decreased 4.6% to Rs 180.8 crores during the period ended September 30, 2020 as compared to Rs 189.7 crores during the prior-year quarter.

The company reported a net profit of Rs 194.5 crores for the 6 months period ended September 30, 2020 as against net profit of Rs 14.9 crores for the prior-year 6 months period.

Net sales dropped 22.4% to Rs 309.8 crores during the 6 months period ended September 30, 2020 as compared to Rs 399.5 crores during the prior-year 6 months period.
 
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 companys 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.

As MRC reported before, in October 2020, Clariant (Muttenz, Switzerland) announced the construction of a new state-of-the-art catalyst production site in China. This project represents a significant investment which further strengthens Clariants position in China and enhances its ability to support its customers in the countrys thriving petrochemicals industry.

The new facility will be primarily responsible for producing the Catofin catalyst for propane dehydrogenation, which is used in the production of olefins such as propylene. Thanks to its excellent reliability and productivity, Catofin delivers superior annual production output compared to alternative technologies, resulting in increased overall profitability for propylene producers, says the company. Construction at the Dushan Port Economic Development Zone in Jiaxing, Zhejiang Province was scheduled to commence in Q3 2020, and Clariant expects to be at full production capacity by 2022.

Propylene is the main feedstocks for the production of polypropylene (PP).

According to MRC's ScanPlast report, PP shipments to the Russian market reached 880,130 tonnes in the nine months of 2020 (calculated using the formula: production minus exports plus imports, excluding producers" inventories as of 1 January, 2020). Supply increased exclusively of PP random copolymer.

Clariant AG is a Swiss chemical company and a world leader in the production of specialty chemicals for the textile, printing, mining and metallurgical industries. It is engaged in processing crude oil products in pigments, plastics and paints.


mrcplast.com
Author:Margaret Volkova
Tags:PP, PP random copolymer, petrochemistry, adhesives, masterbatches, Clariant International, India, China, Russia.
Category:General News
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