TVS Electronics posts Rs 9.75 cr loss in Apr-Jun

IT hardware company TVS Electronics on Saturday posted a loss of Rs 9.75 crore for the first quarter ended on June 30, 2020, due to the impact of lockdown on business operations. She said that the company has taken into account external and internal information for assessing possible impact of COVID-19 on various elements of its financial results, including recoverability of its assets.

IT hardware company TVS Electronics on Saturday posted a loss of Rs 9.75 crore for the first quarter ended on June 30, 2020, due to the impact of lockdown on business operations. The company had registered a profit of Rs 1.97 crore in the same period a year ago. Total revenue of TVS Electronics reduced by more than half to Rs 29.32 crore during the reported quarter from Rs 63.42 crore in the corresponding quarter of 2019-20

"The outbreak of COVID-19 pandemic and the consequent lockdown has impacted regular business operations since the last week of March 2020. The company has since restarted its operations in a phased manner," TVS Electronics managing director Srilalitha Gopal said in a financial performance note. She said that the company has taken into account external and internal information for assessing the possible impact of COVID-19 on various elements of its financial results, including the recoverability of its assets. "This assessment and the outcome of the pandemic as regards the aforesaid matters is highly dependent on the circumstances/ developments as they evolve in the subsequent periods," Gopal said.

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