Covid-19 crisis fails to derail business of Agro Phos India

Agro Phos India Limited informed the exchanges Wednesday that like the Covid-19 affected businesses all over the world their company is also affected by the lockdown causing this Pandemic. However, the company is a manufacturer of fertilizers products (SSP, NPK and other related products) which covers under essential commodity; therefore the business of the company was continuously running except for a short period of one week.

As no such adverse effects were on company's operations and on demand of its products therefore we are expecting a good profit for 2019-20, and for the current year i.e. 2020-21 the actual details will be known only after the quarterly audit as well as audit for full FY21, as whole.

Currently the company is not facing any issue regarding liquidity of fund, also the company is confident to manage the working capital of the company in coming periods, as we have made arrangements with our Banker and obtained additional working capital and Term Loan facility under MSME Finance Scheme.

The company’s plants were closed from March 23 to March 31, 2020 after first lockdown and later on April 1, 2020, company was granted necessary approvals to restart the plants, hence the overall impact of Covid-19 on company's business is negligible.

Also the office operations of the company were doing through company’s internal software or other digital mode on work from Home theme and after first unlock in the month of June 2020,we are working with permissible staff as per the guidelines at office premise and rest are working from their homes.

“We are expecting that Fertilizer Industry will not attract any substantial effect of Covid-19 Pandemic in future, however some relevant factors such as logistics and availability of raw material could be affected, if lockdown continues in many areas of country.

At company's prospective we are expecting that pace of the company operation will be as usual as now, also the company is having proper arrangements for transport facilities as well as raw material and also we are maintaining proper stock of finished goods, plants of the company are also situated at the areas where labor is easily available,” company said.