Invest
27 Years
4.4 Star
1 Crore +
Kiri Industries announced Q3FY23 results:
- Consolidated Q3FY23 vs Q2FY23 and Q3FY22:
- During Q3FY23 revenues was lower by 16% YoY basis, and EBIDTA to sales was (-) 8% in Q3FY23. The major reason for negative EBIDTA, was sluggish demand and lower capacity utilization with conversion cost not getting fully absorbed and most importantly not being able to pass on the cost increases to its finished products sales prices.
- Earning after tax are lower by 11% QoQ and 49% YoY.
- The share of profit of associates includes share of profit of DyStar, which does not have any impact on the valuation of stake of Kiri in DyStar. The value of Kiri’s stake in DyStar is US$ 481.60 million plus the number of license fees for wrongfully using patents of DyStar by Lonsgheng plus the amount of 19% DLOM which ought to be reversed.
- Standalone Q3FY23 vs Q2FY23 and Q3FY22:
- EBITDA margins remained negative in Q3FY23 because of sluggish demand and accounting for higher legal costs.
- Other Income includes a dividend of Rs 6.86 crore from Lonsen Kiri Chemical Industries Limited, JV Company in which it holds a 40% equity stake.
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