Balkrishna Industries expects Covid to impact performance; stock ends 2.75% high

The company’s operations were partially shut in April 2020 and were gradually ramped up during May 2020.

May 28, 2020 03:05 IST India Infoline News Service

Balkrishna Industries, BKT
Balkrishna Industries Limited informed the exchanges Thursday that there will be an impact in sales volumes, revenue and profitability for Q1FY21. The company’s operations were partially shut in April 2020 and were gradually ramped up during May 2020.

All the company’s manufacturing plants were shut following government directives of lockdown to prevent the spread of Covid-19 from March 22, 2020. It re-started manufacturing activities at all our plants after getting required approvals on April 20, 2020.

“We have undertaken safety measures across our plants and following increased protocols to ensure our people are safe and secure. Since re-opening of our plants, we have successfully been ramping up substantial capacity across various plants, on a daily basis,” the company revealed to the exchanges on Thursday.

It’s corporate office in Mumbai is currently closed as per the lockdown directives by the Government of Maharashtra. The company had initiated Work from Home since mid-March and have ensured normalcy in daily operations.

Its business operations in international markets were affected due to Covid-19. However, currently substantial normalcy has been achieved, the company informed.

Balkrishna Industries Ltd ended at Rs1,105.20 up by Rs29.55 or 2.75% from its previous closing of Rs1,075.65 on the BSE.

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