Sunshield Chemicals Ltd. has reported total income of Rs.60.67 crores during the period ended June 30, 2021 as compared to Rs.51.84 crores during the period ended March 31, 2021.

The company reported total income of Rs.39.04 crores during the period ended June 30, 2020.

Sunshield Chemicals has posted net profit of Rs.16.32 crores for the period ended June 30, 2021 as against net profit of Rs.3.30 crores for the period ended March 31, 2021.

It posted net profit of Rs.0.81 crores for the period ended June 30, 2020.

During the current quarter, on account of product rationalisation activities of the company, certain products manufactured by it and it's related technology, specifications, brand names and customer contracts were transferred to a related party (Solvay Specialities India Private limited) for a consideration of Rs. 1,782 Lakhs.

These specified assets are internally generated over a period of time and hence, as per Ind AS, there is no cost attributable to these specified assets. The entire consideration also being the gain on such transfer is shown as an exceptional item. Further the tax liability of Rs. 488 Lakhs on this gain has been considered under 'Tax expenses' under the sub heading current tax.