Gujarat Apollo Industries stock slumps 3% on Q1 loss estimates due to Covid-19 impact

The company’s operations remained closed from March 21, 2020 due to lockdown and re-opened from May 19, 2020.

Jul 01, 2020 11:07 IST India Infoline News Service

IT Stocks Up
Gujarat Apollo Industries Limited informed the exchanges on Tuesday that April to June 2020 being lockdown months, the revenues and profitability of the company are likely to be impacted to some extent.

The loss of sale of services at the end of Financial Year has affected to some extent the working of FY20.

“As the business situation is very dynamic, the company closely monitoring it. Though we do hope the business situation should normalise during the third and fourth quarter,” the company said.

The company’s operations remained closed from March 21, 2020 due to lockdown and re-opened from May 19, 2020 with initially 30% capacity which has impacted during April and May, 2020.

After putting in place the due safety precautions and standard norms and processes State Governments and the same has reached to 80%. The company would further ramp up its manufacturing activities in line with the demand pick up and supply chain stabilization going forward.

Gujarat Apollo Industries Ltd is currently trading at Rs172.05, down by Rs5.45 or 3.07% from its previous closing of Rs177.50 on the BSE.

“The company is taking utmost care of its staff and workforce like sanitisation, 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 smoothiy mange our operations,” it said.

Related Story

Open Free Demat Account (Rs699)