Shree Pushkar Chemicals & Fertilisers Ltd., a chemicals and fertilizers manufacturer based in India announced its results for the first quarter ended June 30, 2020.
Q1 Results- QoQ
The company’s net profit dropped 91% to Rs 1.01 crores ($0.14 million) for the period ended June 30, 2020 as against net profit of Rs 11.24 crores ($1.5 million) for the previous quarter.
Net sales dropped 25% to Rs 65.40 crores ($8.9 million) during the period ended June 30, 2020 as compared to Rs 87.16 crores ($11.9 million) during the previous quarter.
Q1 Results- YoY
The company’s net profit declined 84% to Rs 1.01 crores ($0.14 million) for the period ended June 30, 2020 as against net profit of Rs 6.35 crores ($0.87 million) for the prior-year quarter.
Net sales dropped 30% to Rs 65.40 crores ($8.9 million) during the period ended June 30, 2020 as compared to Rs 93.15 crores ($12.7 million) during the prior-year quarter.
On the impact of the pandemic on its business, Shree Pushkar Chemicals & Fertilisers Ltd in its stock exchange filings said, “Due to outbreak of COVID-19 globally and in India, the Group’s management has made initial assessment of likely adverse impact on business and financial risks, and believes that the impact is likely to be short term in nature. The Group’s operations and revenue during the current quarter were impacted due to COVID-19.”
“The Group’s management has evaluated the prospects of the Group’s products and its demand in this period and believes that these products will see demand as usual and is in a position to cater all the needs of the customers.”