Kamdhenu has registered a dip of 11 per cent in its net consolidated profit during the quarter ended June 30, 2022. Its profit after tax (PAT) stood at Rs 10.03 crore in Q1 FY23 as against Rs 11.27 crore it recorded in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s total consolidated income stood at Rs 191.27 crore in Q1 FY23, a growth of 68.33 per cent from Rs 113.63 crore it recorded in the similar quarter last year.
Satish Kumar Agarwal, chairman & managing director of the company said, “For our steel business, our company has reported revenue growth of 70% year-on-year to Rs 191 crore and EBITDA growth of 7% year-on-year to Rs. 15.4 crore for Q1 FY23. This was on account of increased construction activities due to government push for infrastructure development.”
NCLT vide its order dated June 3, 2022 approved the scheme of arrangement including the de-merger of the paints business of the company into a separate legal entity. The scheme of arrangement has become effective on July 18, 2022 upon filing of NCLT order. Pursuant to the scheme of arrangement became effective, the paint business of Kamdhenu has been transferred to and vested with Kamdhenu Colour and Coatings.
“For our paints business, our revenues increased by 65% year-on-year to Rs. 54.7 crore. With our focus on increasing the premiumization of portfolio, our volumes increased from own manufacturing, and we reduced manufacturing of products from contract manufacturers. 78% of our paint’s revenue are water based and we plan to increase the share of premium / textured paint products where margins are higher,” said Agarwal.
