Clariant Chemicals zooms 19% on strong Q3 results, dividend of Rs 50/share

The specialty chemical company reported the Profit before exceptional item & tax of Rs 19 crore for Q3FY21, as compared to loss before tax of Rs 3.1 crore in the year-ago quarter

Shares of Clariant Chemicals (India), on Monday, soared 19 per cent to Rs 467 on the BSE in intra-day trade after the company’s board approved the payment of second interim dividend at Rs 50 per share i.e., 500 per cent for the financial year 2020-21. The company said the said interim dividend shall be paid on or after February 23, 2021. It has fixed February 2 as the record date for ascertaining the eligible shareholders to receive the dividend.

Meanwhile, specialty chemical company reported the Profit before exceptional item & tax of Rs 19 crore for the quarter ended December 31, 2020 (Q3FY21), as compared to loss before tax of Rs 3.1 crore for the same quarter last fiscal. Sales during the quarter rose by 7 per cent, at Rs. 202.1 crore, as against Rs 188.3 crore for the corresponding quarter in the previous year.

The management said the company delivered a strong performance in Q3, with its sustained efforts on working capital, cost control and operational productivity all coming good.

Clariant Chemicals said that during the quarter under review, the Company had received a demand of Rs 9.24 crore, including interest of Rs 34.90 lakh against short deduction of TDS on the dividend payments made to parent companies. Management is confident that the matter will be decided in favour of the company and accordingly no provision has been made in books of accounts in respect of this demand, it said.

At 09:37 am, the stock was trading 16 per cent higher at Rs 454 on the BSE, as compared to 0.89 per cent rise in the S&P BSE Sensex. A combined around 360,000 equity shares were changing hands on the counter on the NSE and BSE.