Schneider Electric Infra reports Rs 25.74 cr net loss in Mar qtr

The company's board in its meeting held on Tuesday also approved appointment of Arnab Roy as an Additional Director and Whole time Director of the company from June 16, 2020 for a term of 3 years.

New Delhi, Jun 16 (PTI) Schneider Electric Infrastructure on Tuesday reported a Rs 25.74 crore net loss for the March quarter. Its net profit stood at Rs 1.45 crore in the corresponding quarter a year ago, the company said in a regulatory filing.

Total income dipped to Rs 231.50 crore in the quarter under review from Rs 303.85 crore a year ago.  For the full fiscal (2019-20), its loss widened to Rs 29.57 crore from Rs 24.36 crore loss in 2018-19.  Total income decreased to Rs 1,396.45 crore in 2019-20 from Rs 1,433.77 crore in the previous year.  Its business operations fall within a single primary business segment viz. product and systems for electricity distribution. The outbreak of coronavirus pandemic globally and in India is causing significant disturbance and slowdown of economic activity, it said.

COVID-19 is significantly impacting business operations of the company, by way of interruption in production, supply chain disruption, unavailability of personnel, closure /lock down of production facilities etc, it added.  On March 24, 2020, the Government of India ordered a nationwide lockdown to prevent community spread of COVID-19 in India resulting in significant reduction in economic activities.  The company's business activities fall under essential services category and therefore could be continued to an extant during the lockdown. The company has assessed the recovarability and carrying values of its assets comprising property, plant and equipment; intangible assets; trade receivables, Inventories and other assets as at the balance sheet date using various internal and external information up to the date of approval of these financial statements.  The situation is changing rapidly giving rise to inherent uncertainly around the extent and liming of the potential future spread of the COVID-19 and its impact on the Company''s business operations, it said.

The company said it will continue to closely monitor any material changes to future economic conditions.  The company's board in its meeting held on Tuesday also approved appointment of Arnab Roy as an Additional Director and Whole time Director of the company from June 16, 2020 for a term of 3 years.  The appointment is recommended by the Nomination and Remuneration Committee.  The appointment is subject to the approval of the shareholders at the ensuing Annual General Meeting.  Roy is associated with the company since March 2017 as the Chief Financial Officer..