Covid-19 severely affects Standard Industries Q1 profitability

The company's corporate office, city office and registered office started working from June 8 and 15, 2020 with not more than ten employees at each office.

Jul 07, 2020 10:07 IST India Infoline News Service

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The profitability of Standard Industries Limited during the first quarter (April to June) is adversely impacted. The company though hopes that the business situation should normalize during the third and fourth quarters.

The company informed the exchanges Monday that it has no manufacturing activity. It has a property division which comprises of assets which are in excess of its business needs which the company will liquidate based on market conditions.

The nature of the company's business is such that its operations are not directly affected by Covid-19 pandemic. Due to slow down of National and Global economies and Trade, the Financials of the company were affected resulting in significant fall in fair price valuation of its existing investments in Equity Shares and Mutual Funds.

The company's corporate office, city office and registered office started working from June 8 and 15, 2020 with not more than ten employees at each office.

“The company is taking utmost care of its staff and work force like sanitization, social distancing, mandatory mask wearing, thermal check at the gate, maintaining proper hygiene. We have taken cash flow, capital expenditure and overhead control measures to smoothly manage our operation,” company said.

The company is outsourcing textile fabrics for its Trading Business. Since March 2020, the operation of trading of textiles is totally suspended. The company's trading business is not significant in nature.

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