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The BK Birla Group company – Kesoram Industries Ltd (KIL) posted a net loss of ₹17 crore on a standalone basis for the quarter ended September 30, 2021, as against a net profit of ₹32 crore same period last year.
Revenue from operations on a standalone basis increased by 42 per cent at ₹834 crore during the quarter as compared with ₹587 crore same period last year.
On a consolidated basis, the company posted a net loss of ₹12 crore during Q2FY22, as against a net profit of ₹6 crore same period last year.
The company clocked volume sales of 3.47 million tonnes during the half year period ended September 30 as compared with 2.20 mt same period last year.
According to P Radhakrishnan, CEO, Kesoram, the cash generation has been healthy and revenues have increased during the quarter. However, profit has been impacted due to a one-time impairment provisioning of around ₹20.25 crore with respect to its investment and loan to its wholly owned subsidiary Cygnet Industries.
It is to be noted that work at Cygnet’s rayon factory in West Bengal’s Hooghly has been suspended since June this year due to fall in demand. This was primarily on account of the Covid-19 led demand slowdown, the management had said.
The company reported an EBITDA of ₹ 339 crore during the July-September quarter this year as against ₹ 234 crore same period last year.
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