Astec Lifesciences Q1 PAT at Rs 16 cr

The drug maker's consolidated net profit of Rs 16.19 crore in Q1 June 2020 compared with net loss of Rs 1.11 crore in Q1 June 2019.

Consolidated net sales soared 45.4% to Rs 111.94 crore in Q1 June 2020 over Rs 76.99 crore in Q1 June 2019. Consolidated pre-tax profit stood at Rs 21.74 crore in Q1 June 2020 compared with pre-tax loss of Rs 1.72 crore in Q1 June 2019. The result was announced post trading hours yesterday, 22 July 2020.

In March 2020, the World Health Organisation (WHO) declared COVID-19 a pandemic. The group has adopted measures to curb the spread of infection in order to protect the health of its employees and ensure business continuity with minimal disruption. In assessing the recoverability of receivables and other financial assets, the group has considered internal and external information upto the date of approval of these financial results.

On the technical front, the stock's RSI (relative strength index) stood at 72.851. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at 790.28 and its 200-day moving average (DMA) placed at 513.80.

Shares of Astec Lifesciences slipped 3.61% to Rs 1,065. The company makes a wide range of agrochemical active ingredients and pharmaceutical intermediates.

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