India based Fine Organic Industries Ltd continues to report drop in sales and profit in the second quarter as well. The company had reported a fall in revenues by 4% YoY in Q1 primarily due to slower marker demand due to Covid-19 pandemic.

 

In Q2, the company's sales dropped marginally by 1.77% YoY and stood at Rs.274.89 crores versus Rs.279.84 crores in the same period last year.

 

Net profit fell sharply by 45% YoY and reached Rs.31.21 crores in Q2 as against Rs.57.03 crores for the period ended September 30, 2019.

 

For H1, the company's sales dropped by 3.43% YoY and reached Rs.516.43 crores as compared to Rs.534.79 crores during the 6 months period ended September 30, 2019.

 

Net profit for H2 dropped by 36.74% YoY and stood at Rs.59.84 crores as against Rs.94.60 crores in the same period last year.

 

In May this year, the company had announced expansion of 20,000 TPA by FY2022 at its Patalganga and German facility which will help taking the overall capacity of 121,300 TPA.