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Gujarat Fluorochemicals Q3 net loss at Rs-480cr on exceptional tax write-offs
−− Gujarat Fluorochemicals reported 11.03% growth in total revenues for the Dec-20 quarter on consolidated basis at Rs634.16cr
Feb. 22, 2021
India
Gujarat Fluorochemicals reported 11.03% growth in total revenues for the Dec-20 quarter on consolidated basis at Rs634.16cr. The company did not witness a very sharp dip in revenues even at the peak of the COVID pandemic as the business cycles are relatively stable in terms of demand for Fluorochemicals and most supply contracts are long term contracts, which obviates the short term cycles in revenues.
The consolidated loss for the Dec-20 quarter was Rs-480cr. This was due to an exceptional loss of Rs583cr in the current quarter on account of a legal dispute pertaining to the impact on profits due to higher provisions made for retrospective tax. The company changed to the new 22% tax regime with no additional exemptions. As a result, the PAT margins dipped deep into the negative and may not comparable on a yoy basis.
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