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Consolidated net sales fell 5.2% to Rs 475.13 crore in Q1 June 2020 over Q1 June 2019. The company posted a pre tax loss of Rs 33.57 crore in Q1 June 2020 as against a profit before tax of Rs 46.20 crore in Q1 June 2019. The company received a total tax rebate of Rs 12.15 crore in Q1 June 2020 as against Rs 11.89 crore of tax paid in Q1 June 2019.
The company said its business operations remained shut temporarily during the quarter owing to the lockdown imposed due to Covid-19 pandemic. Moreover, the business was also impacted due to certain observations from the European Directorate for the Quality of Medicines & HealthCare (EDQM) audit during inspection of the Bavla site for the company's product Dihydrotachysterol. As such, the results for the current quarter (Q1 FY21) are not comparable with previous quarters due to truncated period of operations in the current quarter. The performance is expected to normalize during upcoming quarters due to resumption of business operations on the back of unlocking of economy.
Consolidated EBITDA tumbled 64% to Rs 43 crore in Q1 June 2020 over Q1 June 2019. EBITDA margin declined to 9.1% in Q1 June 2020 from 22.9% in Q1 June 2019. The margin was impacted by COVID-19 and EDQM audit. The company incurred foreign exchange (FX) loss of Rs 14.93 crore on account of FX hedges and MTM on certain FX loans.
Shares of Dishman Carbogen extended their losing streak to third consecutive trading session. The counter has lost 8.73% in last three trading sessions. The stock is up 265% from its 52-week low of Rs 46.45 hit on 30 March 2020.
Dishman Carbogen Amcis offers a portfolio of drug development and commercialization services to the pharmaceutical and bio-pharmaceutical industries at all stages of drug development.
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