Paushak Ltd. has announced fall in net profit for its fourth quarter and full-year ended 31 March on weak sales due to the impact of COVID-19 pandemic.
The company’s standalone net profit slumped 34.3% to Rs 6.37 crore ($0.84 million) in fourth quarter 2019-20 compared to prior year quarter’s Rs 383 crore ($1.3 million).
Revenue from operations declined 24% to Rs 29.28 crore ($3.9 million) in the quarter compared with Rs 38.55 crore ($5.1 million) in the prior year quarter.
“Due to outbreak of COVID-19 globally and in India, the quarter ended 31st March, 2020 was adversely impacted. However, the Company’s management has made internal assessment of the probable impact on business and believes that impact is likely to be short term in nature and does not foresee any medium to long term risk in company’s ability to continue as a going concern,” the company said in a statement.
Full-Year Results
For the year ending March 31, 2020, Paushak’s net profit declined 10.4% to Rs 34.91 crore ($4.6 million) as compared with Rs 38.96 crore ($5.1 million) the prior year.
Full-year revenue from operations in 2019-20 saw 1.2% decline at Rs 137.9 crore ($18.2 million) as against Rs 139.51 crore ($18.4 million) in 2018-19.
The company’s Board has recommended dividend on equity shares at Rs 6/share i.e. 60% for the year ended on 31st March as against Rs 5/share (50%) in prior year.