Mysore Petro Chemicals Reports Net Profit of Rs 1.55 Cr for Q1 FY20-21

Mysore Petro Chemicals Ltd., a Maleic Anhydride manufacturer based in India announced its results for the first quarter ended June 30, 2020.

Q1 Results- QoQ

The company’s net profit dropped 2.5% to Rs 1.55 crores ($0.21 million) for the period ended June 30, 2020 as against net profit of Rs 1.59 crores ($0.22 million) for the previous quarter.

Net sales dropped 62% to Rs 2.76 crores ($0.38 million) during the period ended June 30, 2020 as com-pared to Rs 7.19 crores ($0.98 million) during the previous quarter.

Q1 Results- YoY

The company’s net profit declined 2.5% to Rs 1.55 crores ($0.21 million) for the period ended June 30, 2020 as against net profit of Rs 1.59 crores ($0.22 million) for the prior-year quarter.

Net sales grew 4.6% to Rs 2.76 crores ($0.38 million) during the period ended June 30, 2020 as compared to Rs 2.64 crores ($0.36 million) during the prior-year quarter.

On the impact of the pandemic on its business, Mysore Petro Chemicals Ltd in its stock exchange filings said, “The Company is primarily into the business of trading of organic and inorganic chemical products and that there is no material impact on the business of the Company.”

“The management of the Company and its associate has assessed impact of COVID-19 on the Company’s operations, financial performance and position as at and for the quarter ended June 30, 2020 and has concluded that there is no impact which is required to be recognized in the financial results.”