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Stock Report
Shanthi Gears Ltd Q1 revenue at Rs. 25.1 Crs
Posted On : 2020-07-21 20:05:21( TIMEZONE : IST )
The Board of Directors of Shanthi Gears Limited (SGL) a subsidiary of Tube Investments of India Limited (TII), met today and approved the financial results for the quarter and year ended 30th June, 2020.
Highlights
The Company resumed operations from mid of Q1. The revenue was affected because of COVID 19 pandemic and resulted in Loss. But there is a progressive improvement in the business during the quarter and resulted in profit for the month of Jun-20.
- Revenue of Rs. 25.1 Crs in the quarter as against Rs. 71.4 Crs in Q1 of previous year.
- The Net Loss before tax for the quarter was Rs. 4.5 Crs as against the Net Profit before Tax of Rs. 12.61 Crs in Q1 of previous year.
During the quarter the Company booked orders for Rs. 40 Crores (against Rs. 72 Crores for corresponding quarter of the previous year). This is on account of sluggish demand from almost all major user industries due to COVID-19 pandemic.
Pending orderbook as on 30th June 2020 was Rs. 164 Crores as against Rs. 163 Crores for the corresponding quarter in the previous year.
Consequent to the outbreak of the COVID-19 pandemic and the lockdown / curfew introduced by the Central and State Governments, the operations in the Company's manufacturing plants had to be shut down or were disrupted from 23rd March 2020 onwards.
With the easing in the lockdown / curfew and the Governments permitting operations to be resumed with necessary permission from the local authorities, the Company has resumed operations from mid Q1.
The ensuing restrictions have had a significant impact on our operational and financial performance in the quarter. Our revenue and profitability for the quarter were significantly impacted as compared to the same quarter last year.
Shares of SHANTHI GEARS LTD. was last trading in BSE at Rs.86 as compared to the previous close of Rs. 84.85. The total number of shares traded during the day was 2026 in over 112 trades.
The stock hit an intraday high of Rs. 86.1 and intraday low of 83. The net turnover during the day was Rs. 172344.
