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MIDHANI records loss of Rs 1 cr in June quarter

Capital Market 

Mishra Dhatu Nigam (MIDHANI) reported a consolidated net loss of Rs 0.94 crore in Q1 FY21 compared with net profit of Rs 22.99 crore in Q1 FY20.

Revenues from operation during the quarter fell 14.11% year-on-year (YoY) to Rs 113.49 crore.

Pre-tax loss (before share of profit of joint venture) stood at Rs 0.42 crore in Q1 June 2020 as against a pre-tax profit (before share of profit of joint venture) of Rs 35.95 crore in Q1 June 2019. Tax expense declined 96.22% YoY to Rs 0.49 crore in the June quarter.

The company's order book position stood at Rs 1732 crore as on 15 July 2020.

"The outbreak of COVID-19 pandemic across the world including India resulted in the Government taking significant measures to contain the spread of the virus including imposing mandatory lockdowns and restricting economic activities. Consequently, company's operations had to be scaled down for a considerable period during the quarter ended 30 June 2020.

Though, the operations resumed during the later part of the quarter with limited availability of workforce and disrupted supply chain, the restrictions imposed affected the company's production, turnover and profits."

MIDHANI is one of the leading manufacturers of superalloys, titanium & titanium alloys, special purpose steels and other special alloys. The Government of India held 74% stake in the company as of 30 June 2020.

The scrip fell 1.59% to Rs 201.05 on Friday.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Sat, September 12 2020. 10:29 IST