Pennar Industries Limited performance for the first quarter ended June 30, 2020 has had to take a major hit due to Covid-induced lockdown with its revenues and profitability being impacted.
The company posted a loss of ₹34 crore for the first quarter as against a profit of ₹16.5 crore for the corresponding quarter of previous year.
The Hyderabad-based company net revenue was down at ₹166.2 crore compared to net revenue of ₹537.8 crore in Q1 FY2020.
Pennar Industries has healthy order-book positions. As on August 1, 2020 the order book for PEBS was at ₹513 crore, Water Treatment Solutions ₹57 crore and Railways Division ₹192 crore. Engineering services division has recorded 20 per cent increase in revenue on Q-o-Q.
The board has approved to sell 5 acre land at Patancheru, Hyderabad and authorised Aditya Rao, Vice-Chairman and Managing Director and K Lavanya Kumar, Executive Director, to sign and execute the requisite sale on behalf of the company.
The board has approved forming of a step down subsidiaries under Pennar Global INC, USA for distribution of steel products and setting up of manufacturing metal building systems and steel structures.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.