Kanchi Karpooram Ltd., a camphour and other allied products manufacturer based in India announced its results for the first quarter ended June 30, 2020.
Q1 Results- QoQ
The company’s net profit grew 76.3% to Rs 4.90 crores ($0.67 million) for the period ended June 30, 2020 as against net profit of Rs 2.78 crores ($0.38 million) for the previous quarter.
Net sales dropped 38% to Rs 24.74 crores ($3.4 million) during the period ended June 30, 2020 as com-pared to Rs 39.75 crores ($5.4 million) during the previous quarter.
Q1 Results- YoY
The company’s net profit dropped 41% to Rs 4.90 crores ($0.67 million) for the period ended June 30, 2020 as against net profit of Rs 8.26 crores ($1.1 million) for the prior-year quarter.
Net sales declined 55.4% to Rs 24.74 crores ($3.4 million) during the period ended June 30, 2020 as compared to Rs 55.48 crores ($7.6 million) during the prior-year quarter.
On the impact of the pandemic on its business, Kanchi Karpooram Ltd in its stock exchange filings said, “The immediate impact on the business due lock down of factory and offices resulted in muted sales in the last week of March through April and mid-May. The Company resumed partial manufacturing operations in mid of May 2020 at its factory located in Kancheepuram, Tamil Nadu. The restart of operations was not at its normal capacity due to various reasons such as restrictions on movement, lack of labour etc.”
“The future impact of the pandemic on the operations of the Company can’t be ascertained with as the same depends upon future development and the Government response to the situation to restrict its impact on the economies and the probable medical vaccine discovery.”