Indian Oil Corporation Ltd (IOCL)., one of the major petrochemicals manufacturers based in India announced its results for the first quarter ended June 30, 2020.
Petrochemicals Segment Q1 Results- QoQ
The company’s net profit declined 6% to Rs 495.1 crores ($65.9 million) for the period ended June 30, 2020 as against net profit of Rs 526.29 crores ($70.1 million) for the previous quarter.
Net sales dropped 34% to Rs 2,832.28 crores ($377 million) for the period ended June 30, 2020 as against net sales of Rs 4,290.83 crores ($571.4 million) during the previous quarter.
Petrochemicals Segment Q1 Results- YoY
The company’s net profit rose 4% to Rs 495.1 crores ($65.9 million) for the period ended June 30, 2020 as against net profit of Rs 474.39 crores ($ million) for the prior-year quarter.
Net sales dropped 28% to Rs 2,832.28 crores ($377 million) for the period ended June 30, 2020 as against net sales of Rs 3,926.29 crores ($522.8 million) during the prior-year quarter.
On the impact of the pandemic on its business, Indian Oil Corp Ltd in its stock exchange filing said, “The outbreak of Coronavirus (COVID-19) globally and in India has impacted businesses and economic activities in general.
The company’s sales during the month of April 2020 was impacted significantly by the nationwide lockdown and consequently capacity utilization of the plants were lower. However, the same has come back close to normal levels by the month of June 2020.