Indo Amines Ltd., an organic amines manufacturer based in India announced its results for the first quarter ended June 30, 2020.
Q1 Results- QoQ
The company’s net profit grew 66.2% to Rs 2.51 crores ($0.34 million) for the period ended June 30, 2020 as against net profit of Rs 1.51 crores ($0.21 million) for the previous quarter.
Net sales dropped 13.3% to Rs 106.11 crores ($14.4 million) during the period ended June 30, 2020 as com-pared to Rs 122.32 crores ($16.6 million) during the previous quarter.
Q1 Results- YoY
The company’s net profit declined 48% to Rs 2.51 crores ($0.34 million) for the period ended June 30, 2020 as against net profit of Rs 4.83 crores ($0.66 million) for the prior-year quarter.
Net sales dropped 20% to Rs 106.11 crores ($14.4 million) during the period ended June 30, 2020 as compared to Rs 132.03 crores ($17.9 million) during the prior-year quarter.
On the impact of the pandemic on its business, Indo Amines Ltd in its stock exchange filings said, “During the quarter, the operations of the Company were impacted due to shutdown of plant on March 30, 2020 following the lockdown imposed in India from March 25, 2020.”
“With graded opeing of plants the company is making every effort possible to make up for the loss time due to pandemic. However, due to non availability of sufficient skilled and unskilled workmen the production has been affected. The impact to the business and future economic condition of the lock down, disruption will have to be assessed from time to time; at this stage it is premature to forecast the future impact with credibility.”