Chemical
Dharamsi Morarji's earnings drop due to weak market demand
Net profit dropped by 20% yoy and reached Rs 5.42 crore as against profit of Rs 6.82 crore last year.
- By ICN Bureau
| August 07, 2020
The Dharamsi Morarji Chemical Co. Ltd reported a decline in its revenues as well as profits during first quarter of the current fiscal.
The company's revenue fell by 24% yoy and stood at Rs 39.53 crore during the period ended June 30, 2020 as compared to Rs 52.08 crore in the corresponding period last year.
Net profit dropped by 20% yoy and reached Rs 5.42 crore as against profit of Rs 6.82 crore last year.
The nationwide lockdown impacted the operations of the company with capacity utilization at manufacturing plants at their lowest levels said the company in its filing to the exchanges. Operations gradually improved during the quarter with the partial lifting of lockdown across the country. Low customer demand coupled with supply chain disruptions adversely impacted the overall earnings in the first quarter.
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