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Visaka Industries has registered a profit of ₹34.4 crore for the first quarter ended June 30, 2020, up 49 per cent over ₹23.07 crore it logged during the corresponding quarter of previous year.
The company’s revenue for Q1 was, however, down 19 per cent at ₹285.18 crore due to Covid-19 lockdown as against ₹352.82 crore it registered during the same quarter of previous fiscal.
The company closed the financial year ended March 31, 2020 with revenues of ₹1,050.4 crore and net profit of ₹49.3 crore. The net profit was down 26.9 per cent compared with the profit of ₹67.4 crore during the last fiscal. It logged a revenue of ₹1,136.4 crore, down 7.6 per cent.
The company stated that it has brought down the debt from ₹193 crore as on June 2019 to ₹80 crore by June 2020.
Even if there is a likely increase in working capital, the borrowings during the off season and pick up of capex during the remaining part of the year, the debt is still expected to come down by at least ₹50-75 crore by the end of FY 21 over FY 20, the company stated.
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