Himadri Speciality Chemical Ltd., a specialty chemicals manufacturer based in India announced its results for the quarter and financial year ended March 31, 2020.
Q4 Results
The company’s net profit decreased 5.3% to Rs 70.81 crores ($9.5 million) for the period ended March 31, 2020 as against net profit of Rs 74.74 crores ($10 million) for the prior-year quarter.
Net sales declined 38% to Rs 368.76 crores ($49.4 million) during the period ended March 31, 2020 as compared to Rs 591.84 crores ($79.3 million) during the prior-year quarter.
Full-Year Results
The company’s net profit decreased 37% to Rs 205.47 crores ($27.5 million) for the full-year period ended March 31, 2020 as against net profit of Rs 324.30 crores ($43.5 million) last financial year.
The company has reported net sales of Rs 1813.79 crores ($243.1 million) during the full-year period ended March 31, 2020 as compared to Rs 2430.15 crores ($325.7 million) last financial year.
On the impact of the pandemic on its business, Himadri Speciality Chemical Ltd in its stock exchange filing said, “The Group has considered the possible risk that may result from the pandemic relating to COVID-I9 and expects to recover the carrying amount to all its assets in the ordinary course of business based on the internal and external information available upto the date of approval of these consolidated financial results. The Group is continuously monitoring for any material changes in future economic conditions.”