Mumbai, Jun 29 (PTI) Parag Milk Foods on Monday reported a 67.71 per cent decline in profit after tax (PAT) to Rs 10.10 crore for the quarter ended March 31.
The company’s PAT had stood at Rs 31.28 crore during the corresponding quarter of 2018-19, Parag Milk Foods said in a BSE filing.
Its total income during the quarter witnessed 20.97 per cent fall to Rs 536.17 crore compared to Rs 678.48 crore in the corresponding quarter of 2018-19.
For the full financial year 2019-20, the company’s PAT dropped 22.39 per cent to Rs 93.68 crore compared to Rs 120.71 crore in 2018-19.
However, the firm’s total income went up slightly by 1.64 per cent to Rs 2,445.52 crore compared to Rs 2,405.92 crore in 2018-19.
“We have delivered a resilient performance in the quarter and the year gone by, considering the challenging operating environment, Parag Milk Foods Chairman Devendra Shah said.
He added that coronavirus-induced lockdown impacted the company’s revenues and the sequential increase in raw milk prices impacted profitability at the gross level.
However, with easing of lockdown, the company is witnessing gradual recovery in demand and hoping to achieve pre-COVID-19 business levels with its partners in the next few months, he added.
Shares of Parag Milk Foods on Monday closed at Rs 104.20 apiece, down 2.75 per cent on the BSE.