Chemical
Jayant Agro swings to losses despite rise in annual sales
The company reported net loss of Rs 25.66 crore in 2020 as against net profit of Rs 47.50 crore in the previous year.
- By ICN Bureau
| June 27, 2020
Jayant Agro Organics Ltd swung to losses in 2020 amid drop in sales and profit in Q4FY20. The company reported net loss of Rs 25.66 crore in 2020 as against net profit of Rs 47.50 crore in the previous year. However the company's sales rose by 5.94% and stood at Rs 846.78 crore in 2020 as against Rs 799.32 crore in the previous year.
In Q4FY20, net profit declined 43.24% to Rs 7.56 crore as against Rs 13.32 crore in the corresponding quarter of last year. The sales also declined 13.89% to Rs 188.80 crore as against Rs 219.25 crore.
In view of the outbreak of COVID-19 pandemic and prevailing situation, the management decided to conserve the company reserves and skip equity dividend for the financial year 2019-20.
The management also recommended re-appointment of Sucheta N. Shah, as Independent Director of the company based for the second term of five years. Sucheta has knowledge of finance & treasury function and has over two decades of experience in capital markets. She is B.Com & has done Masters in Management from S P Jain Institute of Management, Mumbai.
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