Galaxy Surfactants Ltd, a surfactants manufacturer based in India announced its results for the first quarter ended June 30, 2020.
Q1 Results- QoQ
The company’s net profit dropped 10% to Rs 56.49 crores ($7.5 miilion) for the period ended June 30, 2020 as against net profit of Rs 62.80 crores ($8.4 miilion) for the previous quarter.
Net sales declined 7.4% to Rs 607.83 crores ($81.2 miilion) during the period ended June 30, 2020 as com-pared to Rs 656.66 crores ($87.7 miilion) during the previous quarter.
Q1 Results- YoY
The company’s net profit grew 7.5% to Rs 56.49 crores ($7.5 miilion) for the period ended June 30, 2020 as against net profit of Rs 52.55 crores ($7 million) for the prior-year quarter.
Net sales declined 8.8% to Rs 607.83 crores ($81.2 miilion) during the period ended June 30, 2020 as com-pared to Rs 666.27 crores ($89 miilion) during the prior-year quarter.
On the impact of the pandemic on its business, Galaxy Surfactants Ltd in its stock exchange filing said, “The Company has carried out a detailed assessment of the impact of COVID-19 on its liquidity position and on the recoverability and carrying values of its assets and has concluded that there is no significant impact on account of the same on its financial results as at 30th June 2020. However, the Company will continue to monitor any material changes to future economic conditions.”