Punjab Alkalies & Chemicals Ltd., a chlor-alkali manufacturer based in India, announced its results for the quarter and financial year ended March 31, 2020.
Q4 Results
The company has posted net loss of Rs (1.74) crores (-$0.23 million) for the period ended March 31, 2020 as against net profit of Rs 19.83 crores ($2.7 million) for the period ended March 31, 2019.
Net sales for the quarter dropped 17.3% to Rs 75.39 crores ($10.1 million) as against Rs 91.14 crores ($12.2 million) during the prior-year quarter.
On the impact of current pandemic on its financial results, Punjab Alkalies in its stock exchange filing said, “The Company is facing difficult situation due to COVID-19 pandemic and consequent lockdowns announced by Government of India. COVID -19 has an adverse impact on overall lndian Economy and our Company is not an exception.
The manufacturing sector of Indian economy has started its operations only 30-40% of the capacity. Due to less demand in the market as most of the consuming industry like textile industry, paper industry etc. has reduced their production capacity; the Company is running its plant at low capacity. The prices of finished products are also on downward trend because of less demand. The Company will increase its production as sson as the market improves.”
Full-Year Results
Punjab Alkalies reported a net profit of Rs 8.80 crores ($1.2 million) for the full-year period ended March 31, 2020, a drop of 84.3% as against Rs 55.86 crores ($7.5 million) for the full-year period ended March 31, 2019.
Net sales decreased 18.3% to Rs 310.89 crores ($41.6 million) during the full-year period ended March 31, 2020 as compared to Rs 380.52 crores ($50.9 million) during the full-year period ended March 31, 2019.
The company has reported EPS of Rs 3.24 ($0.04) for the full-year period ended March 31, 2020 as compared to Rs 20.58 ($0.3) for the full-year period ended March 31, 2019.