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
