Fine Organic Industries operations close to stability after initial disruptions due to Covid-19

The company does not foresee any significant impact on the business due to non-fulfilment of the obligations by any party.

Jun 26, 2020 10:06 IST India Infoline News Service

Stock Exchange
Mumbai based Fine Organic Industries Limited informed the exchanges Thursday that due to the outbreak of Covid-19 pandemic globally, the operations of the company were disrupted since post mid-March, 2020.

As certain products of the company fall under essential commodities category, it was able to partially resume its production and operation activities with effect from March 31, 2020 with limited workforce after taking necessary approvals from local authorities.

Certain employees have been working from home and necessary office connectivity has been in place. Its operations are gradually stabilizing after relaxations in the lockdown.

The supply chain has been slightly disrupted initially in view of lockdown and is gradually returning to normalcy based on country and state wise relaxation in restrictions.

The shipment was disrupted in view of lockdown. The company has a diverse portfolio of products which are used in foods, plastics, cosmetics and coatings etc. Due to Covid-19, sales volumes of certain categories of products have been impacted.

The company does not foresee any significant impact on the business due to non-fulfilment of the obligations by any party.

Due to lockdown announced in Maharashtra and whole of India, the operations at the manufacturing sites of the company were temporarily suspended with effect from March 23, 2020. Its offices in Mumbai were also closed in accordance with the Government directives and as a precautionary measures.

Further, the business operations in the various international markets where the company operates have been impacted to varying extent based on the spread of the Covid-19 and the restrictions on business activities placed by the respective Government authorities in these countries.

The sales volume of the company, export as well as domestic, have been relatively slow and is picking up as the restrictions imposed by lockdown are being relaxed.

Fine Organic Industries Limited is trading at Rs1895.00 up Rs9.55 or 0.51% than previous closing of Rs1885.45 on the BSE.

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