Navin Fluorine International Ltd., an organo-fluorine chemicals manufacturer based in India announced its results for the first quarter ended June 30, 2020.
Q1 Results- QoQ
The company’s net profit declined 79.5% to Rs 56.02 crores ($7.5 million) for the period ended June 30, 2020 as against net profit of Rs 272.69 crores ($ million) for the previous quarter.
Net sales declined 11% to Rs 251.13 crores ($33.5 million) during the period ended June 30, 2020 as compared to Rs 282.25 crores ($37.7 million) during the previous quarter.
Q1 Results- YoY
The company’s net profit decreased 3% to Rs 56.02 crores ($7.5 million) for the period ended June 30, 2020 as against net profit of Rs 43.13 crores ($5.8 million) for the prior-year quarter.
Net sales declined 30% to Rs 251.13 crores ($33.5 million) during the period ended June 30, 2020 as compared to Rs 258.39 crores ($34.5 million) during the prior-year quarter.
On the impact of the pandemic on its business, Navin Fluorine International Ltd in its stock exchange filing said, “The Company had temporarily suspended manufacturing operations at its facilities in the last week of March 2020 due to the nationwide lockdown to contain the spread of COVID-19 which had impacted Company’s operations. It restarted its operations from 14th April, 2020 in a phased manner.
The Company has carried out a detailed assessment of the impact of COVID-19 on its liquidity position and on the recoverability and carrying values of its assets and has concluded that there is no significant impact on account of the same on its financial results as at 30th June 2020. However, the Company will continue to monitor any material changes to future economic conditions.”