Kiri Industries announced Q3FY23 results: Consolidated Q3FY23 vs Q2FY23 and Q3FY22: During Q3FY23 revenues was lower by 16% YoY basis, and EBIDTA to sales was (-) 8% in Q3FY23. The major reason for negative EBIDTA, was sluggish demand and lower capacity utilization with conversion cost not getting fully absorbed and most importantly not being able to pass on the cost increases to its finished products sales prices. Earning after tax are lower by 11% QoQ and 49% YoY. The share of profit of associates includes share of profit of DyStar, which does not have any impact on the valuation of stake of Kiri in DyStar. The value of Kiri’s stake in DyStar is US$ 481.60 million plus the number of license fees for wrongfully using patents of DyStar by Lonsgheng plus the amount of 19% DLOM which ought to be reversed. Standalone Q3FY23 vs Q2FY23 and Q3FY22: EBITDA margins remained negative in Q3FY23 because of sluggish demand and accounting for higher legal costs. Other Income includes a dividend of Rs 6.86 crore from Lonsen Kiri Chemical Industries Limited, JV Company in which it holds a 40% equity stake. Result PDF
Specialty chemicals firm Kiri Industries announced Q2FY23 results: Consolidated Q2FY23 vs Q1FY23 and Q2FY22: During Q2FY23, consolidated eevenues were lower by 32% YoY basis and EBIDTA to Sales was (-) 3% in Q2FY23 and Q1FY23 and 8% in Q2FY22. Earning after tax was higher by 13% QoQ basis but lower by 40% YoY. The value of Kiri’s stake in DyStar was US$ 481.60 million plus the number of license fees for wrongfully using Patents of DyStar by Lonsgheng plus the amount of DLOM which ought to be reversed. Standalone Q2FY23 vs Q1FY23 and Q2FY22: EBIDTA margins are negative in Q2FY23, on account of sluggish demand and continuing higher legal costs. The IMF chief Kristalina Georgieva very recently said global economy is moving from a world of relative predictability to one of greater uncertainty, warning that countries accounting for about onethird of the world economy will experience at least two consecutive quarters of contraction this or next year. The IMF have downgraded their growth projections three times already, to only 3.2% for 2022 and 2.9% for 2023. According to IMF chief the risks of recession are rising. Result PDF
Specialty chemicals company Kiri Industries announced Q1FY23 results: Consolidated: During Q1FY23, Kiri Industries Limited (Kiri) attained consolidated sales revenue of INR.276.66 Crore, lower by 6% YoY basis Negative EBIDTA of Rs. 8.42 Crore, as compared to Rs.20.50 Crore during Q1FY22. Standalone: During Q1FY23, Kiri attained standalone sales revenue of Rs.174.42 Crore, lower by 47.8% QoQ basis Negative EBIDTA of Rs 16.68 Crore, as compared to Rs.6.79 Crore during Q4FY22 Result PDF
Specialty Chemicals company Kiri Industries announced Q4FY22 results: FY22 (Consolidated): During FY22 Consolidated Revenues of Rs 1496.91Crore surged by 56% YoY basis, and EBIDTA of Rs 123.27Crore increased by 45% YoY basis. EBIDTA to Sales was 8.22% in FY21-22 as compared to 8.84% during FY20-21. The margins were impacted due to increase in key raw material prices, power & Fuel Cost, and freight & transportation cost during current financial year as compared to previous year. Earnings before Tax are up 97% Consolidated Financial Statements include Profit of Lonsen Kiri Chemical Industries (JV Company of Kiri in which it holds 40% equity stake) amounts to Rs 61.37Crore. Earnings after Tax of Rs 388.44Crore in FY21-22 include share of profit of Kiri in DyStar amounting to Rs 335.86Crore. It is important to highlight that the said share of profit does not have any impact on the valuation of stake of Kiri in DyStar which has been awarded by SICC amounting to US$481.60 Million. Q4FY22 (Consolidated): Revenue from Operation amounting to Rs 416.85Crore in Q4FY22 were up 15% Ukraine-Russia war broke out in February 2022, impacting revenue from operations in Q4FY22, which were 3% lower QoQ basis. Spiraling of raw material cost, power and fuel prices, freight & transportation Cost impacted EBIDTA of Q4FY22 negatively both YoY & QoQ basis. Result PDF
Chemicals company Kiri Industries announced Q3FY22 results: Standalone sales for Q3FY22 amount to Rs 345.75 Crore which increased by 47% YoY basis and 31% QoQ basis. EBIDTA during Q3FY22 is Rs 29.34 Crore as compared to break-even EBIDTA during Q2FY22 and negative Rs 3.30 Crore in Q1FY22. Consolidated Revenues have increased by 20% QoQ and 38% YoY basis. Result PDF
Highlights: Consolidated Turnover of INR. 357.87 Crore in Q2 FY22 which is 105% higher YoY basis Consolidated Net Profit after tax of INR. 101.16 Crore which is 124% higher YoY basis Standalone sales for Q2 FY22 amounts to INR 263.29 Crore which increased by 137% YoY basis and 32% QoQ basis. The earnings before interest, depreciation, taxes and amortization (EBIDTA) during Q2 FY22 is break-even at INR 45 Lakh as compared to negative EBIDTA of INR 3.29 Crore during Q1 FY22 and INR 19.78 Crore in Q2 FY21 Result PDF