Gabriel India hit an upper circuit of 5% at Rs 73.50 after net profit jumped 53.72% to Rs 26.58 crore on a 16.78% fall in revenue from operations to Rs 424.64 crore in Q4 March 2020 over Q4 March 2019.
Total expenses falling 16.78% to Rs 405.46 crore, profit before tax (PBT) contracted 13.22% to Rs 22.33 crore in Q4 FY20 over Q4 FY19. The result was announced during market hours today.
The company's profitability was aided by lower tax expense. Current tax expenditure shrunk 50.93% to Rs 5.45 crore in Q4 FY20 from Rs 11.12 crore in Q4 FY19.
The company's net profit fell 10.82% to Rs 84.7 crore on 9.94% decline in revenue from operations to Rs 1869.96 crore in the year ended March 2020 (FY20) as against the year ended March 2020 (FY19). PBT stood at Rs 100.26 crore in FY20, down by 29.90% from Rs 143.05 crore reported in FY19.
Commenting on the impact of COVID-19 pandemic on its business, Gabriel said that the actual impact of pandemic on the company's financial statements may differ from that estimated and added that it will continue to closely monitor any material changes to future economic conditions.
Gabriel India manufactures various auto components. The company's products are sold to manufacturers of two wheeler scooters, motorcycles, cars, light commercial vehicles and trucks located in India and abroad.
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