Visaka Industries Limited announces Q2 and Half yearly results for the period ended September 30, 2020

Visaka Industries Limited (BSE: 509055, NSE: VISAKAIND) today announced the results for the second quarter and half year, ended September 30, 2020.

July - September 2020 (Second Quarter)

Total revenue from operations (net) for the quarter was INR 22,618.43 Lakh, remaining almost flat as compared to the corresponding quarter of 2019.

PBT for the quarter was INR 2,995.97 Lakh as compared to INR 604.66 Lakh showing an increase of 495%. Net Profit for the quarter after tax was INR 2,230.47 Lakh as compared to INR 1,321.31 Lakh in the corresponding quarter of 2019 showing an increase of 69%.

April - September 2020 (Half-Year)

Total revenue from operations (net) for the six-month period was INR 51,136.96 Lakh 12% lower than the corresponding period of 2019.

PBT for the six-month was INR 7,605.78 Lakh compared to INR 4104.59 Lakh in the corresponding period last year showing an increase of 85%. Net Profit for the period after tax was INR 5,672.32 Lakh as compared to INR 3,628.87 Lakh in the corresponding period of 2019 showing an increase of 56%.

Performance Highlights

The building products segment is relatively less impacted on account of COVID-19 as the company's cement roofing sheets, to a large extent, are sold in rural India where the businesses appear to be relatively insulated from the impact of the pandemic. The company is seeing good rural demand as the rural economy has shown good resilience due to the lower impact of the pandemic, good Rabi crop and normal monsoons.

Visaka Industries Limited's performance was driven by continuous focus on cost rationalization and digitalization of market outreach strategies. In addition, the cement roof business held its market share and price levels.

Other building material products such as Vnext and ATUM have also contributed positively to the Company's results.

The spread of COVID-19 is continuing to have an unprecedented impact on people and the economy. The Company has experienced a slowdown in the synthetic blended yarn segment which is currently on the path of recovery.

Shares of VISAKA INDUSTRIES LTD. was last trading in BSE at Rs.353 as compared to the previous close of Rs. 362.9. The total number of shares traded during the day was 17350 in over 1825 trades.

The stock hit an intraday high of Rs. 370.75 and intraday low of 341.45. The net turnover during the day was Rs. 6228375.

Source : Equity Bulls

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