IOL Chemicals and Pharmaceuticals Ltd., a chemicals manufacturer based in India announced its results for the first quarter ended June 30, 2021.
Q1 Results- QoQ
The company’s net profit dropped 11% to Rs 67 crores ($9 million) for the period ended June 30, 2021 as against net profit of Rs 75.25 crores ($10.1 million) for the previous quarter.
Net sales grew 12.4% to Rs 524.23 crores ($70.6 million) during the period ended June 30, 2021 as compared to Rs 466.59 crores ($62.8 million) during the previous quarter.
Q1 Results- YoY
The company’s net profit declined 47.5% to Rs 67 crores ($9 million) for the period ended June 30, 2021 as against net profit of Rs 127.54 crores ($17.2 million) for the prior-year quarter.
Net sales increased 12.5% to Rs 524.23 crores ($70.6 million) during the period ended June 30, 2021 as compared to Rs 465.91 crores ($62.7 million) during the prior-year quarter.
Unit-10 API Facility
The Board of Directors of IOL Chemicals and Pharmaceuticals Ltd in its meeting held on 13th August 2021 has considered the successful setting up of new manufacturing facilities (‘Unit-10’) for manufacturing multiple Pharma (API’s) products with a capex of Rs. 28.69 crores which is funded fully through internal accruals.
IOL Chemicals and Pharmaceuticals Ltd is engaged in the business of manufacture and selling of active pharmaceutical ingredients (APIs) and specialty chemicals.