Sicagen delivers a turnaround in profit in Q1FY20

PAT rises by 144% and EBIDTA increases by 58%.

Chennai / Mumbai: 

Sicagen India Limited, a leading integrated, value-added solutions provider of building materials, power and control systems, industrial packaging and speciality chemicals, announced its Q1FY20 results today.

Financials:

The company reported a remarkable increase in PAT by 144% at INR 0.89 crore in Q1FY20 as compared to INR 0.39 crore in Q1FY19. Its EBITDA registered a rise of 58% - from INR 1.42 crore in Q1FY19 to INR 3.40 crore in Q1FY20. The earnings per share also witnessed a 145% y-o-y growth in Q1FY20.

While factors such as a sluggish macro-economic environment and low demand for construction material weighed on the company's revenues, yet the company’s performance was similar to the previous year.

                                                                            (In INR Crore)

Leadership

Comment:  

  Mr. Ashwin Muthiah, Chairman – Sicagen India and Founder Chairman, A M International, Singapore:

“I am happy to note that we have recorded exceptional growth in our profit during the quarter. While stagnant economic conditions in the real estate and infrastructure sectors have affected our performance, our sustained effort towards cost effectiveness, increased productivity and continuous upgradation of our offerings are beginning to show results. We hope to continue to keep up the positive momentum and create value for our stakeholders through the year.”

Developments during the quarter:

The Industrial Packaging Division  division has secured an order for 10,500 drums from Hindustan Organic Chemicals Limited (HOCL), Ernakulam.

The engineering division secured an order for the construction of eight deep-sea fishing boats. It is expecting more orders over the next few quarters.

The ingenious defoamers developed by the speciality chemicals division attracted a substantial number of new enquiries and orders.