Hyderabad, 04 November 2020 – Visaka Industries Limited (BSE: 509055, NSE: VISAKAIND) today announced the results for the second quarter and a 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 a 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.
About Visaka Industries Ltd.
Established in 1981, Visaka Industries (NSE: VISAKAIND, BSE: VISAKAIND) has emerged as a sustainable business enterprise over the years and has become the second-largest roofing manufacturer in the country with close to 5000 direct and indirect employees. Each of Visaka’s products is crafted to meet sustainability demands. Having started with manufacturing corrugated cement fibre sheets in 1985, Visaka in 1991 had diversified and implemented synthetic yarn with revolutionary Twin Air Jet spinning technology. While the fashion industry is reeling under the tag of being the second largest polluter in the world, Visaka’s Wonder Yarn, manufactured from sustainable yarn from PET bottles, understands that style must meet sustainability. Its production has impacted about 43 million PET bottles from piling up in dump yards.
In 2008, the company began to manufacture eco-friendly fibre cement boards and related applications under the brand Vnext. Concentrating on the deforestation issue, we have developed the Vnext line into an eco-friendly substitute to materials like plywood, gypsum boards, and sand/water-based construction, which have helped us save over four lakh trees from deforestation. Our Vnext products are holistic solutions for eco-friendly interior and exterior construction. Used as false ceiling, mezzanine flooring, fixed furniture, and wet area construction, our products aid prefab and fast construction wall solutions.
The world’s first Integrated Solar roof, ATUM was spectacularly introduced by the company, in the year 2018. The newest offering from Visaka is Vnext Solutions - a one-stop, eco-friendly turn-key solution for all construction one’s needs - to build homes, office, industrial and other spaces from scratch to finish. Vnext Solutions can conveniently be accessed through a mobile app. A pan-Indian company, Visaka, is headquartered in Hyderabad. Our products are available across India and extensively exported to South East Asia, Middle East, and African countries.
For more information please visit - https://www.visaka.co/
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