Chemplast Sanmar Managing Director Ramkumar Shankar says that with the recent capacity expansions and announced capex plans, they are confident in the long term growth potential of their business.
Chemplast Sanmar Ltd.’s reported standalone net loss of ₹8 for the September quarter against a profit of ₹14 crore in the year-earlier period due to multiple headwinds.
Revenue from operations contracted 47% to ₹516 crore, the speciality chemicals company said in a statement.
“After a healthy performance in Q1, PVC prices resumed their volatile trajectory due to excessive dumping and witnessed a significant downturn during the September quarter, said MD Ramkumar Shankar.
“Domestic demand for Suspension PVC softened due to the monsoon season, while China’s low-priced supply, driven by their weak local demand, continues to impact the market,” he said.
The Custom Manufactured Chemicals Division (CMCD) signed a new letter of intent with a global agrochemical innovator to supply an advanced intermediate for a new active ingredient. This is the sixth LoI, the company has signed in the last two years and it is for five years.
The phase-2 of new multi-purpose production block is expected to be commissioned by Q3. The project activities for phase-3 of the new multi-purpose production block and the civil & infrastructure work for the next multi-purpose production block have been initiated, he said.
Published – November 05, 2024 11:51 pm IST
