Camlin Fine Sciences Ltd announced on Wednesday that a plant belonging to its subsidiary in Italy will face temporary closure on account of the economic situation going on in Europe, along with a weakness faced in demand.

Share Market Live

NSE

The company, in a stock exchange filing on August 16, said that its wholly owned subsidiary CFS Europe SPA’s Diphenol plant will remain closed on a temporary basis from Wednesday, August 16, 2023, to September 15, 2023.

“This is to inform that diphenol plant of our wholly owned subsidiary, CFS Europe SPA, situated in Ravenna, Italy, shall be closed temporarily from August 16, 2023 to September 15, 2023 on account of difficult macro‐economic situation in Europe coupled with low pricing and weak demand across the industry,” company secretary Rahul Sawale said.

The plant is located in Ravenna, Italy, and will remain closed for the aforementioned period on account of the difficult macroeconomic situation in Europe, in addition to lower pricing and weak demand across the concerned industry.

For the quarter ended on June 30, 2023, Camlin Fine Sciences Ltd reported a consolidated net profit of Rs 15.55 crore, rising by a massive 164.24 percent on a year-on-year (YoY) basis from Rs 5.89 crore posted in the same quarter last year.

Its consolidated net sales made a decent increase of 9.34 percent to Rs 419.6 crore in the quarter under review compared to Rs 383.77 crore in the corresponding quarter of last year.

Further, the company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) of Rs 45.08 crore in the quarter ended on June 30, 2023, stood 5.39 percent lower compared to Rs 47.65 crore in the year-ago period.

Shares of Camlin Fine Sciences Ltd were trading 0.6 percent lower at Rs 156.20 apiece on BSE at 3:17 pm.