Net profit of Himadri Speciality Chemical rose 44.82% to Rs 74.09 crore in the quarter ended September 2018 as against Rs 51.16 crore during the previous quarter ended September 2017. Sales rose 28.58% to Rs 601.77 crore in the quarter ended September 2018 as against Rs 468.02 crore during the previous quarter ended September 2017.

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The Board of Himadri Speciality Chemical at its meeting held on 12 November 2018 approved a proposal for raising of fund by further issue of securities by way of Preferential Issue/QIP / FCCBs / FCEBs / ADRs / GDRs and/or other eligible securities convertible into equity shares for an aggregate amount not exceeding Rs 1,000 crore, subject to the approval of the Shareholders and other authorities as may be necessary.

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Himadri Speciality Chemical will hold a meeting of the Board of Directors of the Company on 12 November 2018.

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Himadri Speciality Chemical announced that ICRA has assigned the following credit ratings to the company various debt facilities -

ICRA has assigned the long-term rating of [ICRA]AA- (pronounced ICRA double A minus) to Rs.150 crore non-convertible debenture (NCD), Rs.100.51 crore term loans, Rs.621 crore fund based limits, Rs.744 crore non-fund-based limits and Japanese Yen million (JPY) 172 million external commercial borrowing (ECB) of Himadri Speciality Chemical Limited (HSCL). The outlook on the long-term rating is Stable. Though the ECB facility of the company is denominated in foreign currency, ICRA'srating for the same is on a national rating scale, as distinct from an international rating scale. The Rs.744 crore non-fund-based limits have also been rated in the short-term scale for which ICRA has assigned the [ICRA]A1+ (pronounced ICRA A one plus) rating.

ICRA has the short-term rating of [ICRA] A1+ outstanding for Rs.300.00 crore commercial paper (CP) programme of the Company.

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