Haier

Orient Electric posts Rs 27.29 cr loss for June quarter

CK Birla group firm Orient Electric Ltd on Monday reported a net loss of Rs 27.29 crore in the first quarter ended June 30 hit by the coronavirus pandemic induced lockdown.

The company had posted a net profit of Rs 18.87 crore in the same period last fiscal, Orient Electric Ltd said in a regulatory filing.

Revenue from operations during the period under review stood at Rs 178.78 crore as against Rs 568.34 crore in the year-ago period, it said.

Electrical consumer durables segment posted revenue of Rs 103.48 crore as against Rs 429.10 crore in the corresponding period last fiscal.

Lighting and switchgear vertical clocked revenue of Rs 75.30 crore in the first quarter as against Rs 139.24 crore in the year-ago period, the company said.

The company had temporarily shut down all its branches and factory operations since March 23, 2020 until mid-May leading to a near halt of the business activities during the said period, impacting sales and profit, it added.

The government announced Unlock 1.0 since June 8, 2020 for revival of the economy but business recovery continued to be unpredictable with intermittent and specific periodic lockdowns in several parts of the country thereafter until the date of results, it added.

“Therefore, the restoration of normal business conditions are dependent on the future state of the pandemic, (its impact) on the people and the economy and any future directives of the government,” the company said.-Outlook India

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