Kiri Industries announced that the Singapore International Commercial Court (SICC) has delivered the judgement today relating to the valuation of Company's stake in DyStar. The SICC has decided computation base of 53,550 tonnes annually to be considered for computation of patent licence fees. This decision will substantially increase the amount of patent license fees to be added in valuation of company's stake in DyStar. The SICC has further directed both the parties to submit their revised agreed calculation within 21 days for:

1. The notional licence fee based on 53,550 tonnes for the Related Products; and

2. The valuation of Company's shareholding in Dystar based on the notional license fee, after adjusting for the fact that discount for lack of marketability is not a relevant adjustment as found by the Court of Appeal.

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Kiri Industries will hold a meeting of the Board of Directors of the Company on 11 February 2023.

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Net profit of Kiri Industries declined 40.03% to Rs 60.67 crore in the quarter ended September 2022 as against Rs 101.16 crore during the previous quarter ended September 2021. Sales declined 32.34% to Rs 242.15 crore in the quarter ended September 2022 as against Rs 357.87 crore during the previous quarter ended September 2021.

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Kiri Industries will hold a meeting of the Board of Directors of the Company on 9 November 2022.

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