DCM Shriram Ltd has registered a marginal decline in Q3FY2023 consolidated net profit at Rs 342.09 crore compared to Rs 349.57 crore during the corresponding period last fiscal. Meanwhile, net revenues (net of excise duty) up 19% YoY at Rs.3,236 crore for Q3 FY23. While revenue for Chloro-vinyl segment down 8% at Rs 960 crore, chemicals business up 3% YoY at Rs 757 crore driven by prices. ECU realization for Q3 FY23 up 2% YoY. Utilization levels were at 86%. Exports were 14K MT ~10% of total sales. Flakes value add up by ~ Rs/MT 2,000. During the quarter, vinyl business down 33% YoY at Rs 204 cr driven by lower prices. PVC prices were down 42% in line with international prices on account of recession fears, presently above Rs/MT 90,000 levels; Carbide prices were also down 32% YoY. Commenting on the performance for the quarter and period ending December 2022, in a joint statement, Ajay Shriram, Chairman & Senior Managing Director, and Vikram Shriram, Vice Chairman & Managing D...

The rating factors CRISIL Ratings expectations that CSL’s (Chemplast Sanma Ltd) operating performance will witness steady recovery from fiscal 2024, supported by better realizations of suspension PVC (S-PVC) and paste PVC (~80% of consolidated revenues) and healthy prospects for PVC products. CRISIL Ratings also expects the custom manufacturing (CMC) and other chemicals businesses of CSL (caustic soda, chloromethanes and hydrogen peroxide) to continue to perform well amid stable demand and growing realization. These businesses have helped the company to diversify their business offerings and have supported the bottom line of the company at the times of extreme fluctuations in PVC prices. Domestic demand of PVC is expected to continue to be healthy due to strong demand from the construction sector, including residential segment and irrigation projects. More than 70% of the domestic demand for S-PVC is from pipe and fitting businesses which in turn is dependent on the domestic irr...