Clariant Chemicals reports Rs 128.9-crore Q1 sales
Clariant Chemicals, a focused, sustainable and innovative specialty chemical company announced its first quarter financial results for the quarter ended 30 June 2020. The company reported profit before tax of Rs 4.1-crore for the quarter ended June 2020, as compared to profit before tax of Rs 10.5-crore for the quarter ended June 2019 — witnessing a drop of 61% caused by the impact of Covid-19 outbreak and subsequent continued nationwide lockdown.
17 Aug 2020 | By Rahul Kumar
Adnan Ahmad, vice-chairman and managing director, Clariant Chemicals
The company reported decline in sales of 39%, at Rs 128.9-crore, for the quarter ended June 2020 as against Rs 209.8-crore for the corresponding quarter in the previous year.
The company closed its offices and laboratories across the country on 16 March, well before the national lockdown, as it wanted to be abundantly cautious with managing the Covid-19 risk at the workplace. Subsequently, it closed our plants as well.
“However, we started manufacturing gradually to bolster the essential services sectors to support the country to cope with the pandemic. The financial performance of the company was impacted in the first quarter (April – June) 2020-21 by this disruption caused by Covid-19, although there were definite signs of recovery towards the end of the Q1FY20/21,” Adnan Ahmad, vice-chairman and managing director, Clariant Chemicals, said.
He added that the company’s focus on excellence in execution has given it the resilience to stay profitable, reduce costs and manage cash to prepare us to weather this storm.
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