NOCIL Ltd., a rubber 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 45.4% to Rs 11.95 crores ($1.6 million) for the period ended June 30, 2020 as against net profit of Rs 21.87 crores ($2.9 million) for the previous quarter.
Net sales dropped 46% to Rs 117.25 crores ($15.8 million) during the period ended June 30, 2020 as com-pared to Rs 215.78 crores ($29 million) during the previous quarter.
Q1 Results- YoY
The company’s net profit declined 64% to Rs 11.95 crores ($1.6 million) for the period ended June 30, 2020 as against net profit of Rs 32.88 crores ($4.4 million) for the prior-year quarter.
Net sales dropped 50% to Rs 117.25 crores ($15.8 million) during the period ended June 30, 2020 as compared to Rs 232.18 crores ($31.2 million) during the prior-year quarter.
On the impact of the pandemic on its business, NOCIL Ltd in its stock exchange filings said, “Management has made an assessment of the impact of the outbreak of COVID-19 on the business operations of the Company. Management believes that despite the performance of the Company for the quarter ended June 30, 2020, being impacted, it does not foresee any impact on the going concern assumption and also believes that no adjustments are required in the financial results.”