DCW Limited Announces Q4 & FY20 Results
DCW Limited Announces Q4 & FY20 Results |
[10-July-2020] |
MUMBAI, July 10, 2020 /PRNewswire/ -- DCW Limited ("the Compay" or "DCW"), specialty chemicals company headquartered in Mumbai, declared the financial results for the quarter and financial year ended on 31st March 2020 on Monday, 06th July 2020. Impact due to Covid-19 on business operations- The lockdown and several restrictions imposed on the movement of goods posed several challenges to the business of DCW limited towards the end of March 2020. The Company's operations were hit substantially during that period. The Company has gradually restarted factory operations since 15th April 2020, adhering to the safety norms prescribed by various authorities.
Update on liquidity and moratorium As per the moratorium facility announced by the central government, the company has availed the moratorium facility from 31st March 2020 as a precautionary measure to preserve the precious cash in hand. The company has sufficient liquidity in hand to cover all the liabilities and opex. Employee Welfare: The company has supported all the employees during this pandemic. The company has paid full wages and salaries to all employees during the lockdown period. The Company has also adopted Work from Home for all its office employees and other staff to minimize and contain the spread of COVID -19. The company also assisted all the migrant employees for their stay and food in the hostel premises while ensuring all the safety and social distancing norms. The Company is taking utmost care of its workforce like periodic sanitization, social distancing, mandatory mask-wearing, thermal check at the gates, maintaining hygienic conditions, etc. Serving the society during the uncertain times: DCW is highly committed to serving society, even during these uncertain times. The Company is assisting the local government by supplying Sodium Hypo Chlorite (WHO recommended disinfectant) to the local community around the Sahupuram plant for sanitization purposes helping fight the spread of COVID-19. During this period of lockdown, as a part of our Corporate Social Responsibility, plenty of activities were executed to safeguard the public not only in and around our factory but also covered the entire region, which harvested a lot of appreciation from the general public. DCW donated Personal Protective Equipments (PPEs) to local (Arumuganeri & Authoor) police stations and also distributed more than 4,000 packets of ration packets (consisting of wheat, dal, rice oil, etc.) to the poor helping the local villages around Sahupuram and Dhrangadhra in tackling the difficulties resulting from COVID-19. Financial Performance - Q4 & FY20
Commenting on the results, Mr. Vivek Jain, Managing Director, DCW Ltd., said, "This pandemic impacted our operations and supply chain towards the end of the quarter. Nonetheless, we are looking at this as an opportunity to strengthen our capabilities and revisit our growth and value creation strategies. We have resumed our plant operations from the mid of April and currently operating at the best possible capacity considering difficulties caused due to social distancing norms. The company has undertaken various cost reduction initiatives, cash flow control measures and periodic reviews of receivables and order book. The company has not witnessed any additional risk to recover assets like inventories, investments, and receivables due to various risk mitigation strategies implemented by the company. We have not seen any impact on internal financial controls as well. The Company is well-positioned to fulfill its obligations and also does not foresee any significant impact on the business due to the non-fulfillment of the liabilities by any party." "We are following all the rules and regulations laid out by the local, state, and central authorities. We have sufficient liquidity and workforce to scale up the operations as the demand picks up, and social distancing norms are relaxed. We will continue to monitor the order book and ensure swift plant operations while focusing on efficient raw material sourcing, liquidity, reduction in the opex, and employee health." Q4&FY20 Financial Highlights -
Financial Performance - Specialty Chemicals Division - Q4 & FY20 The company's specialty chemical division consists of SIOP and C-PVC. The company is one of the few large-scale synthetic iron oxide manufacturers for red and yellow pigments. The company is the only C-PVC manufacturer in India. The company's specialty chemicals facility is based out of Sahupuram, Tamil Nadu. The company is focusing on increasing the revenue mix from specialty chemicals. The revenue mix between Commodity Chemicals: Specialty Chemicals for FY20 stood at 11%:89% % compared to 8%:92% in FY19. SIOP Division
C-PVC Division
Q4&FY20 Financial Highlights -
Financial Performance - Commodity Chemicals Division - Q4 & FY20 The company's commodity chemical division consists of Caustic Soda, Soda Ash and PVC. Soda Ash facility is based out of Dhragandhra, Gujarat, while Caustic Soda and PVC facilities are based out of Sahupuram, Tamil Nadu. Caustic Soda Division:
Soda Ash Division
PVC Division
Q4&FY20 Financial Highlights -
About DCW DCW is a specialty chemicals company, manufacturing PVC, C-PVC (chlorinated polyvinyl chloride), Caustic Soda, Soda Ash, and Synthetic Iron Oxide Pigment (SIOP). The Company is the only domestic manufacturer C-PVC, a versatile thermoplastic used mainly for manufacturing hot and cold-water pipes, industrial liquid handling, and a wide range of products serving a variety of applications. DCW's Caustic Soda, SIOP and PVC Units are in close proximity to the Tuticorin Port in Tamil Nadu, giving the Company a competitive edge over its peers to export its products to global markets. For more details, visit: http://www.dcwltd.com/ For more information please contact: Mr. Dilip Darji Mr. Chinmay Madgulkar Media Contact :
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Company Codes: Bombay:500117, Bombay:DCW.BO, India:DCW.NS, India:EQDCW |
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