Schneider Electric tumbles after posting Q4 net loss of Rs 27 cr

Schneider Electric Infrastructure tumbled 6.66% to Rs 83.40 after the company reported a net loss of Rs 27.10 crore in Q4 FY20 as against net profit of Rs 1.46 crore in Q4 FY19.

Pre-tax loss stood at Rs 25.75 crore in Q4 March 2020 as against a pre-tax profit of Rs 1.46 crore in Q4 March 2019. Net sales declined 19.8% during the fourth quarter to Rs 229.59 crore as compared to Rs 286.44 crore in the corresponding period last year.

The COVID-19 pandemic has significantly impacted the business operations of the company, by way of interruption in production, supply chain disruption, unavailability of personnel, closure/lock down of production facilities etc, Schneider Electric said.

"The situation is changing rapidly giving rise to inherent uncertainly around the extent and liming of the potential future spread of the COVID-19 and its impact on the company's business operations," it added.

In a separate announcement, the company said its board has approved appointment of Arnab Roy as an additional director and whole time director of the company from 16 June 2020 for a term of 3 years. Roy has been associated with the company since March 2017 as the chief financial officer.

Schneider Electric Infrastructure is engaged in the business of manufacturing, designing, building and servicing technologically advanced products and systems for electricity distribution.

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