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.

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