GHCL Ltd., a basic chemicals manufacturer based in India announced its results for the first quarter ended June 30, 2020.
Q1 Results- QoQ
The company’s net profit declined 85% to Rs 12.95 crores ($1.7 million) for the period ended June 30, 2020 as against net profit of Rs 84.86 crores ($11.4 million) for the previous quarter.
Net sales declined 39.2% to Rs 456.51 crores ($61.1 million) during the period ended June 30, 2020 as compared to Rs 750.91 crores ($10.1 million) during the previous quarter.
Q1 Results- YoY
The company’s net profit decreased 87% to Rs 12.95 crores ($1.7 million) for the period ended June 30, 2020 as against net profit of Rs 98.02 crores ($13.1 million) for the prior-year quarter.
Net sales declined 49% to Rs 456.51 crores ($61.1 million) during the period ended June 30, 2020 as compared to Rs 892.61 crores ($119.5 million) during the prior-year quarter.
On the impact of the pandemic on its business, GHCL Ltd, MD, R S Jalan said, “As the global Covid-19 crisis evolves even further, we are now witnessing a wider impact on economies across the world. These are trying and uncertain times and understandably, there is a sense of unease and concern. At GHCL, we continue to be focused and agile, adapting to the “New Normal”. It is heartening to note that operating activities have increased due to a demand uptick in all our business segments. We are hopeful that in the upcoming quarter the utilization levels will improve further by 10-15% across all verticals and we will continue to create value for our stakeholders.”