Visaka Industries Limited posted a profit of ₹22.30 crore for the second quarter ended September 30, 2020, up 69 per cent against a profit of ₹13.21 crore reported for the corresponding quarter last fiscal.
The company’s total revenue from operations (net) for the quarter was ₹226.18 crore (₹228.41 crore), remaining flat compared to the corresponding quarter of 2019.
Net profit for the first half was at ₹56.72 crore, up 56 per cent, against ₹36.28 crore in the corresponding period of 2019. Total revenue for the six-month period was down at ₹511.36 crore from ₹581 crore for the corresponding period of 2019.
Also read: Visaka Industries to initiate work on TN manufacturing unit by Oct
The building products segment was 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 businesses appear to be relatively insulated from the impact of the pandemic.
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 and the company has experienced a slowdown in the synthetic blended yarn segment. This segment is currently on the path to recovery.
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