Indian Toners & Developers Ltd., a toners manufacturer based in India announced its results for the first quarter ended June 30, 2020.
Q1 Results- QoQ
The company’s net profit declined 21% to Rs 2.23 crores ($0.3 million) for the period ended June 30, 2020 as against net profit of Rs 2.82 crores ($0.38 million) for the previous quarter.
Net sales dropped 38.5% to Rs 13.66 crores ($1.8 million) during the period ended June 30, 2020 as com-pared to Rs 22.21 crores ($3 million) during the previous quarter.
Q1 Results- YoY
The company’s net profit declined 17.7% to Rs 2.23 crores ($0.3 million) for the period ended June 30, 2020 as against net profit of Rs 2.71 crores ($0.36 million) for the prior-year quarter.
Net sales dropped 44% to Rs 13.66 crores ($1.8 million) during the period ended June 30, 2020 as compared to Rs 24.32 crores ($3.3 million) during the prior-year quarter.
On the impact of the pandemic on its business, Indian Toners & Developers Ltd in its stock exchange filings said, “As a results of lockdown imposed by the Government of India due to outbreak of COVID-19 pandemic, the business operation of the company were temporarily disrupted at its manufacturing plants impacting production and sales. The company has since resumed its operations partially at its Rampur plant since 11th May, 2020 and Sitarganj plant since 25th May, 2020 following enhanced internal safety guidelines.”
“The management has considered the possible effects that may result from the pandemic on the recoverability/ carrying value of the assets. Based on the current indicators of the future economic conditions, the management expects to recover carrying amounts of assets, however the management will continue to closely monitor any material changes to future economic conditions.”