Laxmi Organic Industries Ltd., a specialty ingredients and solvents manufacturer based in India, announced its results for the quarter and financial year ended March 31, 2021.
Q4 Results
The company’s net profit increased 262% to Rs 36.34 crores ($5 million) for the period ended March 31, 2021 as against Rs 10.04 crores ($1.4 million) for the period ended March 31, 2020.
Net sales grew 34.4% to Rs 521.27 crores ($71.7 million) during the period ended March 31, 2021 as compared to Rs 387.92 crores ($53.3 million) during the period ended March 31, 2020.
Full-Year Results
I G Petrochemicals has posted net profit of Rs 127.03 crores ($17.5 million) for the full-year period ended March 31, 2021, an 81.2% increase as against Rs 70.1 crores ($9.6 million) for the full-year period ended March 31, 2020.
Net sales increased 15.24% to Rs 1773.06 crores ($243.8 million) during the full-year period ended March 31, 2021 as compared to Rs 1538.62 crores ($211.6 million) during the full-year period ended March 31, 2020.
“Towards the end of the current financial year, once again COVID-19 concerns came back. The Company has put in place significant safeguards for the safety of the employees based on various Government advisories. Lockdown by local authorities, from time to time, is however a possibility. The Company is confident of successfully dealing with the same including safeguarding its regular supply of raw materials and logistics services given the experience of the previous year.
The Company believes that it has taken into consideration all the possible impacts of known events arising from COVID-19 pandemic in the preparation of standalone financial statements. However, the impact assessment of COVID-19 is a continuing process given the uncertainties associated with its nature and duration. The Company will continue to monitor any material changes in future economic conditions,” Laxmi Organic Industries stated in its stock exchange filing.