Navin Fluorine declines over 6% post quarterly results

Share price of Navin Fluorine International Limited plunged over 6 percent on Wednesday after the company reported around seven percent (6.77%) decline in consolidated net profit to Rs 63.22 crore in Q2 FY22 as compared to a profit of Rs 67.81 crore posted in the year-ago quarter (Q2FY21).

Shares of the company were trading at Rs 3,623.85, down by 238.85 or 6.18 percent at 11:17 am on NSE. While it was at Rs 3626.65, down by 233.60 points or 6.05 percent on BSE.

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Also, the Board of Directors of the company has declared an interim dividend of Rs 5 per share of the face value of Rs 2 each (250%) for the financial year 2021-2022, it said in a circular to BSE and NSE.

The Record Date for ascertaining entitlement for the payment of aforesaid interim dividend for the financial year 2021-2022 is fixed as Tuesday, November 2, 2021. The interim dividend will be paid on or after Monday, November 15, 2021.

The company had also on Tuesday informed that the Board of Directors, on the recommendation of the Nomination and Remuneration Committee, has approved the appointment of Apurva Purohit as an Additional Director (Non-Executive) of the Company with effect from October 19, 2021.

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.

Further, in accordance with the circular issued by National Stock Exchange of India Limited and BSE Limited dated June 20, 2018, it is confirmed that Purohit is not debarred from holding the office of director by virtue of any order of the SEBI or any other such authority.

Navin Fluorine International Ltd (NFIL) is one of the largest Indian manufacturers of speciality fluorochemicals. It belongs to the Padmanabh Mafatlal Group and was established in 1967.