Linde India fell 3.32% to Rs 520.05 after the company's consolidated net sales declined 14.5% to Rs 377.26 crore in Q1 March 2020 over Q1 March 2019.
The industrial gases supplier's consolidated net profit rose 9.7% to Rs 39.03 crore in Q1 March 2020 over Q1 March 2019. The result was announced after market hours yesterday, 20 April 2020.
Profit before tax (PBT) rose 8.7% year-on-year (YoY) to Rs 56.59 crore in Q1 March 2020, due to lower total expenditure (down 11.6% YoY) and lower interest payments (down 87.2% YoY).
In view of the unprecedented COVID-19 pandemic and economic forecasts, the management has evaluated the impact on its financial results for the current quarter and made appropriate adjustment to revenue, debtors provisioning and actuarial assumptions.
In assessing the recoverability of its assets including receivables and inventories, the company has considered internal and external information upto the date of approval of these financial statements including economic forecasts. The company has performed analysis on the assumptions used and based on current indicators of future economic conditions, the company expects to recover the carrying amount of these assets.
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The impact of the global health pandemic may be different from that estimated as at the date of approval of these financial statements and the Company will continue to closely monitor any material changes to future economic conditions.
Linde India is the industrial gases business, providing a one-stop solution to all businesses for gas supply and related equipment and services. It manufactures cryogenic and non-cryogenic vessels and also design and commission projects.
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