Clariant Chemicals Limited., an Indian subsidiary of specialty chemicals gaint Clariant AG announced its results for the second quarter ended September 30, 2020.
Q2 Results- QoQ
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.
Q2 Results- YoY
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.
Half-Year Results- YoY
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 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.