India Cements posts Q4 net loss of Rs 111 cr on COVID-19 impact

India Cements on Wednesday posted a standalone net loss of Rs 111 crore in the quarter ended March against a profit of Rs 44 crore in the corresponding quarter of previous fiscal.

India Cements on Wednesday posted a standalone net loss of Rs 111 crore in the quarter ended March against a profit of Rs 44 crore in the corresponding quarter of previous fiscal. The revenue for Q4 FY20 came at Rs 1,152 crore as compared to Rs 1,563 crore in Q4 FY19 while total expenses dropped from Rs 1,519 crore to Rs 1,241 crore.

The spread of novel coronavirus disease (COVID-19) severely impacted businesses in India and abroad, said the company. "The regular business operations have been disrupted severely due to lockdowns, restrictions in transportation, supply chain disruptions, travel bans, social distancing and other emergency measures," it said.

In consequence of the lockdown and other measures imposed by the Central and state governments under the Disaster Management Act 2005, the operations were shut down during last week of March, said India Cements. Operations restarted in phases during April following the government guidelines. "The pandemic situation has affected normal business operations of the company and production, sales and profitability inter alia have been impacted," it said. (ANI)