Indo Amines Ltd reported a drop in its first quarter sales and profits due to low market demand caused by Covid-19 pandemic.

The company's sales fell by 19.63% YoY and stood at Rs.106.11 crores in the first quarter as compared to Rs.132.03 crores in the corresponding period of previous year.

Net profit also dropped by 48% and reached Rs. 2.51 crores versus Rs. 4.83 crores last year.

The company has reported EPS of Rs. 0.71 for the period ended June 30, 2020 as compared to Rs.1.45 for the period ended June 30, 2019.

The company had entered into a joint venture cum collaboration agreement with a Thailand based company in May this year, Optimal Tech Co. Ltd for manufacturing various specialities like Blended Emulsifiers for Agro, Fertiliser Additives, BKC, etc.

IAL is a worldwide manufacturer, developer and supplier of fine chemicals, speciality chemicals, performance chemicals, perfumery chemicals and active pharmaceutical ingrdients. The company operates the unique processes, synthesis and chemical reactions for manufacture of their various products developed in house by its R&D department.

The company has six manufacturing sites in Baroda, Dombivli, Rabale, Dhule, Tarapur and Mahad.