I G Petrochemicals Ltd., a petrochemicals manufacturer based in India, announced its results for the quarter and financial year ended March 31, 2020.
Q4 Results
The company’s net profit declined 78.1% to Rs 3.95 crores ($0.53 million) for the period ended March 31, 2020 as against Rs 18.06 crores ($2.4 million) for the period ended March 31, 2019.
Net sales decreased 14.2% to Rs 270.38 crores ($36.2 million) during the period ended March 31, 2020 as compared to Rs 315.24 crores ($42.3 million) during the period ended March 31, 2019.
The company said that COVID-19 pandemic has impacted its operations during the quarter.
“The World Health Organisation declared Covid-19 as a global pandemic on March 11, 2020 and the Government of India acted swiftly and took a major step to impose a nationwide lockdown from March 24, 2020 to control and the spread of the virus. This has resulted in complete halt to the economic and financial activities disrupting every industry, function, and geography,” the company said.
Full-Year Results
I G Petrochemicals has posted net profit of Rs 20.87 crores ($2.8 million) for the full-year period ended March 31, 2020, an 82.1% decline as against Rs 116.84 crores ($15.7 million) for the full-year period ended March 31, 2019.
Net sales dropped 18.8% to Rs 1064.81 crores ($142.7 million) during the full-year period ended March 31, 2020 as compared to Rs 1311.38 crores ($175.8 million) during the full-year period ended March 31, 2019.
The company has reported EPS of Rs 6.78 ($0.09) for the full-year period ended March 31, 2020 as compared to Rs 37.94 ($0.5) for the full-year period ended March 31, 2019.
On the financial year 2020-21, the company said, “Since this situation is exceptional and changing dynamically, the company is not able to gauge with certainty, the future impact on its operations. However, the company is confident about adapting to the changing business environment and respond suitably to fulfill the needs of its customers.”