Rane Holdings Ltd.’s standalone net profit plunged 93% to ₹48 lakh for the first quarter ended June due to a truncated period of operations. Total revenue almost halved to ₹9.13 crore.
All of April and half of May were lost owing to the COVID-19 related lockdown, the company said in a statement. As such, the Q1 results were for Q1 are not comparable, it added said the company in a statement.“Q1 FY21 was not a typical quarter due to COVID-19-related shutdown of operations,” said CMD L.. Ganesh.
“The company took several measures to restart production safely and addressed the customer demand. We are experiencing positive momentum in the demand environment,” he added.
“However, we remain cautious on the recovery to pre-COVID-19 levels given the partial lockdown measures continuing in several places. We continue to execute cost-reduction and operational-improvement initiatives to reduce the impact of lower volume,” he said.
