By: ICN Bureau
Last updated : May 30, 2023 8:11 am
The general downturn in the end-user market have somewhat dampened the sentiments
Chemcon Speciality Chemicals Limited, a leading manufacturer of specialized chemicals, such as Hexamethyldisilazane (HMDS), Chloromethyl Isopropyl Carbonate (CMIC) and inorganic bromides, announced its audited financial results for the quarter and full year ended on March 31st 2023.
Commenting on the results, Kamal Aggarwal, Chairman & MD, said, “We have closed the fiscal year with a total income of Rs. 303 crores, an increase of 18% from the previous year. During the most recent quarter, there were a number of sluggish spots, which were followed reasonable demand in March. The general downturn in the end-user market have somewhat dampened the sentiments. The demand for our two key products, HMDS and CMIC, has been low over the past few quarters. The sluggish demand has exerted some pressure on average realization. We expect the demand for these products to revive in H2FY24.
We have reported a significant increase in bromides business, which was driven by a significant increase in sales volume. However, an uncertain price movement in bromine has moderated the overall growth. Bromobenzene receiving good enquiries from global agrochemical players but unable to capitalize on it due to sharp decline in bromine prices. We expect this new product to flourish once the business environment is normalized. On the other hand, we have sent a few samples of Guanine to consumers and expect to receive a healthy inquiry in the coming quarters. Due to the dismal outlook of end-user industries, we will commercialize of our P10 unit by end of FY24. Over the years, we have invested heavily on strengthening the foundation which shall pave the path for growth in the coming years.”