Bhagiradha Chemicals & Industries Ltd., a specialty chemicals manufacturer based in India announced its results for the first quarter ended June 30, 2020.
Q1 Results- QoQ
The company’s net profit rose 278% to Rs 2.58 crores ($0.34 million) for the period ended June 30, 2020 as against net loss of Rs (1.45) crores ($0.19 million) for the previous quarter.
Net sales grew 81% to Rs 61.49 crores ($8.2 million) during the period ended June 30, 2020 as com-pared to Rs 34.05 crores ($4.5 million) during the previous quarter.
Q1 Results- YoY
The company’s net profit declined 66.5% to Rs 2.58 crores ($0.34 million) for the period ended June 30, 2020 as against net profit of Rs 7.71 crores ($1 million) for the prior-year quarter.
Net sales declined 50% to Rs 61.49 crores ($8.2 million) during the period ended June 30, 2020 as compared to Rs 122.99 crores ($16.4 million) during the prior-year quarter.
On the impact of the pandemic on its business, Bhagiradha Chemicals & Industries Ltd in its stock exchange filings said, “The manufacturing facility was shut down from 25th March on account of the out break of COVID-19. The operations resumed from 2nd April duly adhering to the safety norms prescribed by the government from time to time.”
“The social distancing norms and the lock down imposed, owing to COVID-19, have led to restricted workforce available for plant operations resulting in reduced level of operations during the quarter.”