Shree Pushkar Chemicals quarterly sales, proft drops

Shree Pushkar Chemicals & Fertilisers Ltd has reported a decline in its first quarter sales and profits due to Covid-19 pandemic. The company's operations and revenue were impacted during the quarter due to slow market update caused by Covid-19 pandemic.

The company's sales dropped by 29.7% YoY and stood at Rs.65.40 crores as compared to Rs.93.15 crores during the period ended June 30, 2019.

Net profit dropped by 84% YoY and reached Rs.1.01 crores in Q1FY21 versus Rs.6.35 crores in the corresponding period last year.

The company recently acquired 100% stake in Madhya Bharat Phosphates Private Limited (MBPL) located in Madhya Pradesh which has two plants at Jhabua and Deewanganj with a capacity to manufacture SSP of 1.5 Lac MTA and 0.4 Lac MTA, respectively, and a plant for manufacture of LABSA.

Shree Pushkar Chemicals & Fertilizers Ltd., established in 1993 is into manufacturing of dyes, dye intermediates, and fertilizers. The company has recently ventured into manufacturing of reactive dyes and textile chemicals for the textile effects industry.