Companies

Himatsingka Seide posts ₹140-cr loss in Q1

Our Bureau Bengaluru | Updated on August 27, 2020

Himatsingka Seide Limited has posted ₹139.79-crore loss on a consolidated basis for the first-quarter (Q1) of FY21 against the ₹45.25-crore profitrecorded in the same period last year.

The company’s total income is lower by 71.55 per cent to ₹183.29 crore against ₹644.47 crore in the same period last year. EPS for the quarter stood negative at ₹14.20 compared with ₹4.60 posted last year.

Commenting on the company’s performance, Shrikant Himatsingka, Managing Director and Group CEO, said: “The last few months have been extremely volatile and challenging on many fronts. While our operating performance has been severely impacted during the last two quarters, we feel the worst is behind us. The demand for home textile products is robust, and we are well positioned to meet his demand by leveraging our strong manufacturing base, global brand portfolio and broad product range.”

On Covid-19’s impact on operations, the company’s release said: “The Q1 FY21 operating performance has been severely impacted on account of Covid-19. Our manufacturing facilities at our Hassan and Doddaballapur campuses, along with our distribution facilities in North America and Europe, were non-operational during April and most of May. This was on account of the lockdown imposed by the Central and State governments, respectively. Our plants commenced partial operations in June. However, the operating conditions remained challenging due to supply chain disruptions and interruptions in work force availability.”

Published on August 27, 2020

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