Kiri Inds gains on commencing commercial production of specialty intermediates

Kiri Industries rose 0.92% to Rs 473.45 after the company said that it started the first phase of commercial production of specialty intermediates at Vadodara plant from 25 January 2021.

The combined installed capacity of the first phase of the new plant is 6000 MTPA (Million Tonnes Per Annum), which shall add several new products in dyes intermediates & specialty chemicals sector with incremental revenue of about Rs 300 crore considering full capacity utilization progressively in the next few months and considering current price levels in the market.

The specialty intermediate plant shall reduce dependency on Chinese supplies and shall make the company self-reliant on several raw materials requirements. The company shall utilize around 30% production for its own consumption and remaining 70% production shall be sold in domestic and international markets for dyestuff, pharmaceuticals and chemical sector, it added. The announcement was made during market hours today.

Kiri Industries is engaged in manufacturing and selling of dyes, dyes intermediates and basic chemicals.

The company's consolidated net profit declined by 60.4% to Rs 45.16 crore on a 46.3% fall in net sales to Rs 174.96 crore in Q2 FY21 over Q2 FY20.

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