Chennai: The board of directors of Srikalahasthi Pipes Limited has approved the unaudited results of the first quarter ended 30 June.
Briefing about the outcome of the board meeting, GS Rathi, whole time director of the company informed that the loss before tax for the quarter ended 30 June 2020 was Rs.10.39 crore, as compared to the profit of Rs.50.24 crore in the corresponding quarter of previous year.
The loss after tax for the quarter ended 30 June, 2019 is Rs.7.88 crore as against net profit of Rs.33.37 crore in the same quarter of previous year.
Rathi informed that during the quarter under review, due to the pandemic Covid-19, the plant was shut down for the entire April, 2020. Though the production: started during May first week, the plant is yet to operate at full capacity.
He informed that the production is ramping up gradually and is hopeful that normal working is likely to be restored by the end of second quarter 2020.