Camlin Fine Sciences will keep its diphenol plant in Italy closed from August 16 to September 15 following sluggish demand and weak pricing.

“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 in a regulatory filing on August 16.

The company also has a 15,000 MT diphenol plant in Dahej, Gujarat.

Chemicals like hydroquinone and catechol are derived from diphenol. These chemicals are used in electroplating, petrochemicals, agrochemicals, pharmaceuticals, dyes, pigments and printing inks, among others.

The Camlin Fine Sciences stock closed 0.56 percent lower from the previous day at Rs 156.30. It has given a return of 11.68 in the past six months and 33.7 percent over the year.

The company’s net profit nearly tripled to Rs 15.55 crore in the June quarter from the year-ago period. Revenue was up 9.34 percent at Rs 419.60 crore. EBITDA fell 5.39 percent to Rs 45.08 crore.

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