Linde India Ltd., an Indian subsidiary of industrial gas manufacturer Linde Plc announced its results for the second quarter ended June 30, 2020.
CY 2020 Q2 Results- QoQ
The company’s net profit declined 49.3% to Rs 19.80 crores ($2.6 million) for the period ended June 30, 2020 as against net profit of Rs 39.03 crores ($5.2 million) for the previous quarter.
Net sales dropped 36.3% to Rs 251.04 crores ($33.5 million) during the period ended June 30, 2020 as compared to Rs 393.79 crores ($52.6 million) during the previous quarter.
CY2020 Q2 Results- YoY
The company’s net profit declined 2% to Rs 19.80 crores ($2.6 million) for the period ended June 30, 2020 as against net profit of Rs 20.16 crores ($2.7 million) for the the prior-year quarter.
Net sales dropped 50% to Rs 251.04 crores ($33.5 million) during the period ended June 30, 2020 as compared to Rs 500.65 crores ($66.8 million) during the the prior-year quarter.
On the impact of the pandemic on its business, Linde India Ltd in its stock exchange filing said, “While the operations and the productivity had hit its bottom in the month of April 2020 at about 50% of the pre-COVID levels, gradual improvements have happened since May 2020, when the operations improved to about ~60%. The Company has now been able to ramp-up production to about 75 to 80% of the pre-COVID levels in June 2020. Many of our suppliers and customers in India who were not operating at all in the initial period of the lockdown, are now operational.
The future impact on the business operations is difficult to assess at this point, as the situation is unravelling at a fast pace.”