Kanoria Chemicals & Industries announced that Care Ratings has revised the rating for the long-term bank facilities of the Company as CARE BBB+; Stable (Triple B Plus; Outlook:Stable) from the existing rating of CARE A-; Stable (Single A Minus; Outlook: Stable) and rating for the short-term bank facilities as CARE A2 (A Two) from the existing rating of CARE A2+ (A Two Plus) on account of moderation in the financial performance in Q4FY23 leading to lower than expected full year FY23 performance.

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Net loss of Kanoria Chemicals & Industries reported to Rs 1.52 crore in the quarter ended March 2023 as against net profit of Rs 18.34 crore during the previous quarter ended March 2022. Sales rose 17.76% to Rs 444.86 crore in the quarter ended March 2023 as against Rs 377.76 crore during the previous quarter ended March 2022.

For the full year,net loss reported to Rs 8.77 crore in the year ended March 2023 as against net profit of Rs 6.82 crore during the previous year ended March 2022. Sales rose 15.29% to Rs 1578.43 crore in the year ended March 2023 as against Rs 1369.12 crore during the previous year ended March 2022.

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Kanoria Chemicals & Industries will hold a meeting of the Board of Directors of the Company on 26 May 2023.

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The upcoming Formaldehyde plant will be equipped with the latest Metal Oxide-based technology. This new capacity will cater to growing demand in various sectors such as engineering wood, textile, agrochemicals, pharmaceuticals, etc. in the region as well as the exports markets.

Ranjeet Singh, chief executive - Chemical Business, said, We are delighted that this additional Formaldehyde manufacturing facility with the latest technology will give us sustainable competitive advantage at the market place.”

Kanoria Chemicals & Industries has three manufacturing facilities at Ankleshwar in Gujarat and at Visakhapatnam and Naidupeta in Andhra Pradesh for the manufacture of alco chemicals primarily Pentaerythritol, Formaldehyde and Hexamine. The company has a solar power plant of 5.0 MW capacity in Jodhpur, Rajasthan.

The company's reported a consolidated net loss of Rs 1.27 crore in the quarter ended December 2022 as against net loss of Rs 10.82 crore during the previous quarter ended December 2021. Sales rose 19.03% to Rs 385.41 crore in Q3 FY23 over Q3 FY22.

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