I G Petrochemicals Ltd., a petrochemicals manufacturer based in India, announced its results for the quarter and financial year ended March 31, 2021.
Q4 Results
The company’s net profit increased 2428% to Rs 99.85 crores ($13.7 million) for the period ended March 31, 2021 as against Rs 3.95 crores ($0.54 million) for the period ended March 31, 2020.
Net sales grew 57.3% to Rs 425.3 crores ($58.4 million) during the period ended March 31, 2021 as compared to Rs 270.38 crores ($37.1 million) during the period ended March 31, 2020.
Full-Year Results
I G Petrochemicals has posted net profit of Rs 188.1 crores ($25.8 million) for the full-year period ended March 31, 2021, an 801.3% increase as against Rs 20.87 crores ($2.9 million) for the full-year period ended March 31, 2020.
Net sales increased 6% to Rs 1126.94 crores ($154.7 million) during the full-year period ended March 31, 2021 as compared to Rs 1064.94 crores ($146.2 million) during the full-year period ended March 31, 2020.
“The Company has carried out a detailed study to assess the impact of COVID-19, including the second wave, on its liquidity position and on the recoverabilityand carrying values of its assets and has concluded that there is no significantimpact on account of the same on its financialresults as at 31st March 2021.
The impact assessment of COVID 19 is a continuous process given the uncertaintiesassociated with its nature and duration. The management will continue to monitor material changes to the future economic conditions which may have an impact on the operations of the Company,” I G Petrochemicals stated in its stock exchange filing.