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Kolkata-based coal-tar pitch maker Himadri Chemicals and Industries Ltd has reported a net profit of Rs 22 crore for the quarter ended March 31.
The increase in net profit for the quarter is backed by foreign-exchange gains of Rs 33 crore.
Himadri Chemicals had in the previous quarter last fiscal reported a net profit of Rs 9 crore. During the year, Himadri Chemicals' standalone net profit declined 45 per cent to Rs 63 crore from Rs 114 crore it reported in the previous fiscal.
The board has recommended a dividend of 10 paise or 10 per cent a share of Re 1 each, same as last year.
Turnover for the quarter increased to Rs 304 crore – or 38 per cent – compared with the Rs 202-crore it reported last quarter. Raw material costs to rose significantly by 184 per cent to Rs 304 crore.
“Rise in material costs and provisioning for forex losses led to the decline in profits during the year,” said Mr Anurag Choudhary, Chief Executive Officer.
Cost of raw materials went up by 81 per cent to Rs 806 crore.
The company has also seen a rise in short-term borrowings during the year to Rs 547 crore compared with Rs 305 crore last year.
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