Atul Ltd., a 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 17% to Rs 117.78 crores ($15.7 million) for the period ended June 30, 2020 as against net profit of Rs 141.25 crores ($18.9 million) for the previous quarter.
Net sales declined 30% to Rs 701.20 crores ($93.8 million) during the period ended June 30, 2020 as compared to Rs 1001.02 crores ($133.8 million) during the the previous quarter.
Q1 Results- YoY
The company’s net profit decreased 20% to Rs 117.78 crores ($15.7 million) for the period ended June 30, 2020 as against net profit of Rs 147.33 crores ($19.7 million) for the prior-year quarter.
Net sales declined 33.3% to Rs 701.20 crores ($93.8 million) during the period ended June 30, 2020 as compared to Rs 1050.52 crores ($140.5 million) during the prior-year quarter.
Performance and Other Chemicals segment posted Rs 420.49 crores ($56.2 million) in sales with a net profit of Rs 85.55 crores ($11.4 million) during the quarter.
On the impact of the pandemic on its business, Atul Ltd in its stock exchange filing said, “The Company’s internal assesment concluded significant impact due to COVID -19 on the current quarter financial results. The Company will continue to closely monitor any material changes to future economic conditions impacting business operations.”