Transpek Industry Ltd., a chemicals manufacturer based in India announced its results for the first quarter ended June 30, 2020.
Q1 Results- QoQ
The company’s net profit dropped 84.4% to Rs 3.77 crores ($0.5 miilion) for the period ended June 30, 2020 as against net profit of Rs 24.21 crores ($3.2 miilion) for the previous quarter.
Net sales declined 52% to Rs 79.59 crores ($10.6 miilion) during the period ended June 30, 2020 as com-pared to Rs 165.86 crores ($22.2 miilion) during the previous quarter.
Q1 Results- YoY
The company’s net profit grew 12.5% to Rs 3.77 crores ($0.5 miilion) for the period ended June 30, 2020 as against net profit of Rs 3.35 crores ($0.45 million) for the prior-year quarter.
Net sales declined 33% to Rs 79.59 crores ($10.6 miilion) during the period ended June 30, 2020 as compared to Rs 118.34 crores ($15.8 miilion) during the prior-year quarter.
On the impact of the pandemic on its business, Transpek Industry Ltd in its stock exchange filing said, “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.”