Chemical | 22 June 2020
Hikal reports drop in quarterly as well as annual income
Total income dipped to Rs 1,510.96 crore in 2019-20 from Rs 1,591.87 crore in the previous year.
Total income dipped to Rs 1,510.96 crore in 2019-20 from Rs 1,591.87 crore in the previous year.
The expansion will add capacity for products including methyl ethyl ketone peroxides (MEKP) as well as dibenzyl peroxide (BPO) pastes and waxes.
The company expects its long term contract execution to be on track and it does not believe any significant impact of COVID-19 to those contracts.
Annual net profit grew by 13% to Rs 237.46 crore over the previous year.
The sales declined by 38.08% to Rs 5017.15 crore as against Rs 8102.90 crore in 2019.
The company's sales also declined 6.25% to Rs 1004.70 crore as against Rs 1071.73 crore in the corresponding previous year.
This facility is designed to reach 24k ton capacity per year to meet growing local demand for international standard quality Hydrogen Peroxide for the textile industry and other applications.
The company plans to invest 10 billion yen ($93 million) on the project with commercial operations to commence from January 2023.
The new technologies will be based on scalable renewable and circular raw materials that have been difficult to utilize so far, such as forestry or agricultural residues, municipal waste, algae, waste plastics and carbon dioxide.
Altura will supply 60,000dmt of spodumene annually to Ningbo Shanshan from 2022.
This move is expected to empower the company to produce enough sheets of meltblown nonwoven fabric for approximately 300 million face masks per year.
The move will support the fast-growing packaging industry in South China.
Stork will provide maintenance services and capital expenditure services including multidisciplinary piping and mechanical, electrical and instrumentation, and other specialty services.
Under the new agreement, DKSH will provide marketing and sales as well as distribution and logistics for Stepan’s specialty products for the emulsion polymerization, coatings and inks segments.
The closure does not have any adverse effect on operations of the company as the total contribution of these units in total margin of the company is negligible.
The new entity, headquartered in Switzerland, has 48,000 employees in more than 100 countries, and had sales of US$23 billion in 2019.
The project will be set up in existing chlor alkali and derivatives complex at Dahej for proximity to key raw material like chlorine and to leverage existing infrastructure facilities.
Company expects the hit on turnover to be in the range of 25 to 30% and profitability to be hit by about 50% at PBT level over last year.
GHCL Limited has incorporated a wholly owned subsidiary GHCL Textiles Limited on June 17, 2020.
Board recommends a Final Dividend of Rs. 11 /- per share (110%).
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