GAIL India Ltd., one of the major petrochemicals manufacturers based in India announced its results for the first quarter ended June 30, 2020.
Petrochemicals Segment Q1 Results- QoQ
The company reported a net loss of Rs (154.43) crores ($20.6 million) for the period ended June 30, 2020 as against net profit of Rs 72.36 crores ($9.7 million) for the previous quarter.
Net sales grew 0.35% to Rs 1,221.69 crores ($163.3 million) for the period ended June 30, 2020 as against net sales of Rs 1,217.39 crores ($162.7 million) during the previous quarter.
Petrochemicals Segment Q1 Results- YoY
The company reported a net loss of Rs (154.43) crores ($20.6 million) for the period ended June 30, 2020 as against net loss of Rs (227.03) crores ($30.3 million) for the prior-year quarter.
Net sales grew 9.4% to Rs 1,221.69 crores ($163.3 million) for the period ended June 30, 2020 as against net sales of Rs 1,112.76 crores ($148.7 million) during the prior-year quarter.
On the impact of the pandemic on its business, GAIL India Ltd in its stock exchange filing said, “The COVID-19 pandemic globally and in India has impacted business in general and causing slowdown of economic activity. During the current quarter, the physical performance of the Parent Company was impacted due to nationwide lockdown. However, the same is expected to reach to normal levels during upcoming period in FY 2020-21.”
“The impact of pandemic in future period cannot be ascertained as on date. However, the Management is of view that there will be no significant impact on the continuity of the business on long term basis/ on useful life of the assets/ on financial position.”