Sumitomo Chemical India Ltd reported a strong net profit along with a rise in its first quarter sales due to a favorable monsoon.

 

The company's consolidated net revenue in Q1FY21 stood at Rs 647.7 crore, which increased by 3.58% yoy from Rs 625.33 crore in Q1FY20.     

 

EBITDA stood at Rs 118.66 crore in Q1FY21 that increased by 40.03% yoy. For Q1FY20, it posted EBITDA of Rs 84.74 crore. EBITDA margin as of Q1FY21 was at 18.32% that increased by 4.77% yoy against the same quarter, the previous year.     

 

The consolidated net profit in Q1FY21 came in at Rs 79.40 crore that increased by 48.79% yoy, as compared to Q1FY20, when it had reported Rs 53.36 crore. The net profit margin in Q1FY21 came in at 12.26% that increased by 3.73% yoy. The net profit margin for Q1FY20 was at 8.53%.

 

The company in its filing to exchanges informed that manufacturing operations at its wholly owned subsidiary Excel Crop Care Limited having its plant in Bhavnagar are being carried on uninterrupted. On 21st. June, 2019, Gujarat Pollution Control Board (GPCB). issued a notice to Excel Crop Care Limited (ECM.), instructing it to close manufacturing operations of its Bhavnagar Plant. The notice was caused because GPCB had found, in a plot of land adjacent to the manufacturing site, waste which was associated to a product which has been discontinued over 20 years back. ECCL submitted an action plan to GPCB for scientific disposal of waste and agreed to undertake other remedial measures. Based on the action plan submitted, GPCB has temporarily withdrawn its closure order. The company has implemented the remedial measures as agreed and has approached GPCB for revocation of the closure order on permanent basis for which the final order is awaited.