Navin Flourine reports lower consolidated PAT of Rs63.22cr in Q2; Stock tanks 8%

The company’s revenue rose 6% yoy to Rs339cr in Q2FY22 from Rs318.9cr in Q2FY21.

Oct 20, 2021 09:10 IST India Infoline News Service

Navin Fluorine International
Navin Fluorine International Limited reported lower consolidated profit at Rs63.22cr in the second quarter ended September 30 of FY22, 7% yoy lower against Rs67.81cr in the same period last year. The raw material costs have been going up with the supply chain constraints visible across the global.

Sequentially there was 13% yoy increase in net profit from Rs55.9cr in Q1FY22. Operating EBITDA also declined 7% yoy to Rs84.2cr in Q2FY22 from 90.7cr in Q1FY22. However, there was a sequential rise of 8% yoy from Rs77.8cr in Q1FY22.

The company’s revenue rose 6% yoy to Rs339cr in Q2FY22 from Rs318.9cr in Q2FY21. The revenue also saw sequential 4% qoq increase from Rs 326.5cr in Q1FY22.

The company stock was under pressure during early trade on Wednesday and Navin Fluorine International Limited was trading at Rs3,550.95 per piece down by Rs309.3 or 8.01% from its previous closing of Rs3,860.25 per piece on the BSE.

The Board of Directors of your Company have, at their meeting held on October 19, 2021, declared an interim dividend of Rs5/- per equity share having nominal value of Rs2/- each for the financial year ending March 31, 2022.

Menahwile, Ketan Sablok resigned as Chief Financial Officer and a Key Managerial Personnel of the company. Basant Kumar Bansal is appointed as Chief Financial Officer and a Key Managerial Personnel of the company.

The Board of Directors, on the recommendation of the Nomination and Remuneration Committee, has approved the appointment of Ms. Apurva Purohit as an Additional Director (Non-Executive) of the Company with effect from October 19, 2021. Ms. Purohit is also appointed as an Independent Director of the Company for a term of five consecutive years with effect from the said date, not liable to retire by rotation, subject to approval of the Shareholders of the Company, company said in a filing on Tuesday.

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