Ganesh Benzoplast Limited., an organic chemicals manufacturer based in India announced its results for the second quarter ended September 30, 2020.
Q2 Results- QoQ
The company’s net profit dropped 33.1% to Rs 9.55 crores for the period ended September 30, 2020 as against net profit of Rs 14.27 crores for the previous quarter.
Net sales grew 5% to Rs 54.58 crores during the period ended September 30, 2020 as compared to Rs 51.96 crores during the previous quarter.
Q2 Results- YoY
The company’s net profit increased 7% to Rs 9.55 crores for the period ended September 30, 2020 as against net profit of Rs 8.94 crores for the prior-year quarter.
Net sales grew 8.4% to Rs 54.58 crores during the period ended September 30, 2020 as compared to Rs 50.33 crores during the prior-year quarter.
Half-Year Results- YoY
The company’s net profit grew 55.2% to Rs 23.83 crores for the 6 months period ended September 30, 2020 as against net profit of Rs 15.35 crores for the prior-year 6 months period.
Net sales dropped 10.4% to Rs 106.55 crores during the 6 months period ended September 30, 2020 as compared to Rs 118.97 crores during the prior-year 6 months period.
Despite the market uncertainity, the company’s Chemical division delivered strong growth with a net profit of Rs 114.19 crores during the 6 months period ended September 30, 2020 as compared to a net loss of Rs 5.93 crores during the same period in 2019.
Last month, Ganesh Benzoplast acquired 86.52% equity stake in Stolt Rail Logistic Systems Limited (SRLS), a group company of Stolt-Nielsen Singapore Pte Ltd. Stolt Nielsen Singapore Pte Ltd earlier this week acquired 6,111,048 equity shares of Ganesh Benzoplast.