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Kanoria Chemicals & Industries Ltd reported a standalone net profit of Rs 21.30 core in 2015-16 against Rs 15.29 crore. Its board has recommended dividend of 30 per cent or Rs 1.50 for a share of Rs 5 each for the year ended on 31st March, 2016.
It has fixed Annual General Meeting of the company on September 1. The Board designated NK Nolkha, Chief Financial Officer of the company, as Group Chief Financial Officer with effect from May 27 this year.
The company, however, posted a net loss on consolidated basis.
The company has a number of domestic and foreign subsidiaries in separate business fields. Of the overseas subsidiaries, wholly owned APAG Holdings AG made a net loss of Rs 24.87 crore in 2015-16.
The automotive and industrial engineering company, in the last few years spread its designing and manufacturing capabilities in Switzerland, Germany and Czechoslovak Republic through acquisitions. Kanoria Africa Textiles PLC, an overseas subsidiary with minority private equity investment, did not contribute any revenue or profit. Its Greenfield denim fabric facility in Ethiopia, despite being ready, was bogged dog in delays in commencing business.
Domestic subsidiary Pipri Ltd, posted a net profit of Rs 1.02 crore.
On BSE, Kanoria Chemicals stock closed at Rs 68.25 on Friday
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