The company's consolidated net profit tanked 63.7% to Rs 11.95 crore on 53.6% decrease in net sales to Rs 106.51 crore in Q1 June 2020 over Q1 June 2019.
Consolidated profit before tax (PBT) dropped 81.7% to Rs 9.32 crore in Q1 June 2020 as against Rs 50.88 crore in Q1 June 2019. Operating EBITDA slumped 87.96% to Rs 8 crore in Q1 FY21 as against Rs 57 crore in Q1 FY20. Operating EBITDA margin was at 7.5% in Q1 FY21 as compared to 24.6% in Q1 FY20. The result was declared after trading hours yesterday, 24 August 2020.
Revenue from operations were impacted due to COVID-led nationwide plant shutdown both at the customers end and suppliers' side. Tyre majors started their operations at sub-optimal levels. Lower revenue resulted into lower absorption of fixed costs leading to subdued EBITDA.
On account of COVID-19 led nationwide lockdown, Nocil's manufacturing facilities were shut for the month of April 2020 and early May 2020. With ease in lockdown restrictions, manufacturing operations resumed from 8 May 2020 with strict safety and hygiene protocols. The production was ramped up month to month basis with pace of de-growth reducing, and are currently running at higher levels from July 2020 onwards. Utilization levels have increased from July 2020 and are showing signs of sustainable operating levels. Nocil said it continues to be debt free and has sufficient liquidity to take care of its working capital requirements.
Shares of Nocil rose 2.69% to Rs 124.20 on BSE. NOCIL is in the business of manufacturing of rubber chemicals. It offers basic organic chemicals. The firm is engaged in the business of manufacturing and trading of rubber chemicals.
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