Chemical
OCCL turnover to be hit by 25-30%
Company expects the hit on turnover to be in the range of 25 to 30% and profitability to be hit by about 50% at PBT level over last year.
- By ICN Bureau
| June 18, 2020
Considering the fact that the situation is exceptional and is changing, Oriental Carbon & Chemicals Limited (OCCL) expect the hit on turnover to be in the range of 25 to 30% and profitability to be hit by about 50% at PBT level over last year.
During the first quarter of this financial year, the middle and senior management for the company has sacrificed salaries from 20 to 30%, the joint managing director has volunteered to take a 35% cut and the managing director has decided not to draw salary. These sacrifices will be reviewed on a quarterly basis.
The Mundra plant was restarted at 50% capacity on 21st of April and Dharuhera plant on 21st of May. The corporate office reopened on 4th May with 33% attendance. All the people, who were required to do so were/are working from home to ensure that the affairs of the company are conducted smoothly.
Due to work from home, the company is able to maintain requisite operations during the period and after commencement of production in the respective plants.
The company is adequately capitalized and has sufficient reserves to maintain requisite liquidity and to service its debt and financial obligations. There has been negligible impact on the internal financing reporting and controlling due to employees continuing to work from home during the shutdown period.
The company does not see any significant impact on raw material availability, logistics and other items of supply chain or any major breach in contracts/agreements except some reduction in offtake of quantities by its customers.
Register Now to Attend Gujarat Chem & Petchem Conference 2025 on May 8-9th 2025, at Hyatt Place, Bharuch
Register Now to Attend NextGen Chemicals & Petrochemicals Summit 2025 on June 18-19th 2025, The Leela Mumbai
