Indo Borax & Chemicals Ltd., a chemicals manufacturer based in India announced its results for the first quarter ended June 30, 2020.
Q1 Results- QoQ
The company’s net profit increased 10.4% to Rs 5.75 crores ($0.78 million) for the period ended June 30, 2020 as against net profit of Rs 5.21 crores ($0.71 million) for the previous quarter.
Net sales dropped 17.6% to Rs 23.76 crores ($3.2 million) during the period ended June 30, 2020 as com-pared to Rs 28.85 crores ($3.9 million) during the previous quarter.
Q1 Results- YoY
The company’s net profit grew 10.2% to Rs 5.75 crores ($0.78 million) for the period ended June 30, 2020 as against net profit of Rs 5.22 crores ($0.71 million) for the prior-year quarter.
Net sales dropped 33% to Rs 23.76 crores ($3.2 million) during the period ended June 30, 2020 as compared to Rs 35.49 crores ($4.8 million) during the prior-year quarter.
On the impact of the pandemic on its business, Indo Borax & Chemicals Ltd in its stock exchange filings said, “The Company restarted manufacturing facility in phased manner from 3rd May, 2020 pursuant to the receipt of the necessary permission from the government authorities.”
“Company is adhering to the COVID 19 guidelines issued by the Government of India, the state government and local authorities. As the business situation is very dynamic, the company is closely monitoring it. Though we do hope the business situation should normalize after 2nd quarter.”