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Orient Paper decline after dismal Q1 performance

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Orient Paper & Industries fell 1.54% to Rs 19.20 after the company reported a net loss of Rs 17.44 crore in Q1 FY21 as against a net profit of Rs 8.02 crore in Q1 FY20.

Net sales declined 46.2% year-on-year (YoY) to Rs 80.64 crore in Q1 June 2020 over Q1 June 2019. Pre-tax loss in the June quarter stood at Rs 23.38 crore as against pre-tax profit of Rs 9.90 crore reported in the same period last year. The company wrote back taxes worth Rs 5.94 crore during the quarter.

"The nationwide lockdown from 24th March, 2020 as a result of global pandemic COVID-19, disrupted normal operations during the quarter, though the Government progressively relaxed the lockdown conditions. Accordingly, sales volume for the quarter ended 30th June 2020 has been impacted. The restoration of normal business activities are dependent on future directives from the Government and the impact of the pandemic on the economy and the operation of the company," Orient Paper said in its notes to accounts.

Orient Paper & Industries is currently engaged in manufacturing of paper with a paper unit at Madhya Pradesh, having a capacity of 1,10,000 tonnes per annum (TPA) (printing and writing paper 55,000 tpa and tissue paper 55,000 tpa) and caustic soda and derivatives.

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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: Tue, August 18 2020. 12:45 IST