Indorama Ventures Limited (IVL), a global leader in the manufacturing of chemicals and fibres, has reported revenue of $4 billion in the second quarter of fiscal 2023 (Q2 FY23), representing a decline of 1 per cent compared to the previous quarter (QoQ) and 27 per cent year-on-year (YoY). IVL's EBITDA (earnings before interest, taxes, depreciation, and amortisation) stood at $321 million, marking an increase of 7 per cent QoQ but a decrease of 68 per cent YoY.

Operating cash flows were at $491 million, and the net operating debt to equity ratio was reported at 0.95 times. The company's reported earnings per share (EPS) for the quarter was Thai baht (THB) 0.04, Indorama Ventures said in a press release.

The fibres division saw reported EBITDA of $20 million in Q1 FY23, including an inventory loss of $9 million. This represents a decline of 37 per cent QoQ and a 70 per cent decrease YoY. Though there was a sequential increase in volumes of 3 per cent QoQ, driven by lifestyle fibres, volumes were lower by 7 per cent YoY.

In a significant development, IVL signed a non-binding memorandum of understanding (MOU) with Carbios, a French biotech company renowned for developing biological solutions to reinvent the lifecycle of plastics and textiles. The collaboration aims to form a joint venture for the construction of the world’s first polyethylene terephthalate (PET) bio-recycling plant. The facility will be located in France.