Mumbai,12thAugust 2020:  

Galaxy Surfactants Limited, a leading manufacturer of performance surfactants and specialty care products with over 205 product grades used in Home and Personal Care industry, has announced its unaudited financial results for the Quarter ended 30th June 2020.


Commenting on the performance Mr. U. Shekhar, Managing Director, Galaxy Surfactants Limited said   

“This has been a challenging, yet satisfying quarter for us. I would firstly like to acknowledge my team for having stood up to this challenge, despite the numerous headwinds and uncertainties that marred the quarter. The relentless determination and vigour demonstrated by the Galaxy family ensured we not only face these uncertainties with confidence but also emerge stronger. I would also take this opportunity to acknowledge all our stakeholders who have ably supported and equipped us to fight this battle with sheer confidence; your support has been instrumental. 

Q1 FY20-21 has been a unique quarter in many ways. The unfortunate incident at our M-3 unit in Tarapur and the sudden imposition of lockdown 1.0 and 2.0, severely impacted the supply side of the business. Be it in terms of people, production or operations, business in India and USA came to a standstill in April and the first half of May. But, things are slowly getting back to normalcy. June saw a good pickup and we believe this momentum should continue going ahead, especially for our performance surfactants which grew 7.8% in volume terms for this quarter driven by healthy 10.2% growth registered by the AMET Market. No shutdown in Egypt meant growth momentum continued from Q4 FY19-20 to Q1 FY20-21

Specialty Care products due to the cutback in discretionary consumption and overall slowdown in the developed (ROW) markets saw a decline of 26.2%. We believe this is a temporary short-term blip and with the revival of the consumption cycle, we do see normalcy returning within the next 6-9 months.

India Business while declined 2.3%, a good monsoon followed by pickup in rural consumption along with the growing awareness for hygiene and cleanliness can result in an improved performance going ahead. Though intermittent lockdowns, variability of restrictions and supply side challenges on account of rising COVID cases can delay the recovery.

Given the headwinds, ‘agility’ and ‘adaptability’ will hold the key and given the resilience demonstrated by our business and people over the years, we remain confident of winning together once again. On that optimistic note, we wish you and your families safety and good health.”

Performance Highlights: 
 

*Includes other income

 

• Total volumes stood at 51,893MT for Q1FY21as against 54,767MT inQ1FY20, down by5.2% YoY 
  • ROW markets de-grew by27.4%dueto Specialty Care Products 
  • Subdued demand led to a 2.3% de-growth in the India Market 
  • AMET market grew by 10.2% due torecoveryin the Egypt market 
  • Performance Surfactants volume stood at 36,397MT forQ1FY21,up by 7.8% on YoY basis 
  • Specialty Care Products volume stood at 15,496MT for Q1FY21,down by 26.2%on YoY basis 
• EBITDA for Q1FY21 stood at Rs. 91.1Cr as against Rs. 97.4Cr in Q1FY20,down by 6.4% YoY 
• EBITDA/MT remained stable at Rs. 17,561for Q1FY21 as against Rs. 17,779in Q1FY20 
• PAT stood at Rs. 56.5Cr forQ1FY21 as against Rs.52.6Cr in Q1FY20 up by 7.5% YoY 

More Information www.galaxysurfactants.com