HOV Services capital intact but unsure about Covid-19 impact on profitability

The company has the ability and readiness to commence full operations whenever regulators permit.

Jul 10, 2020 03:07 IST India Infoline News Service

IT company HOV Services Limited informed the exchanges Friday that the profitability for quarter and year end March 31, 2020 may be impacted, however the details can be ascertained after completion of audit for that period.

There is no impact on capital structure and the company has taken steps for adequate financial resources.

On account of nationwide lockdown imposed by Government of India from March 25, 2020 there was interruption in logistics and ability to maintain normal operation of the company.

The company being in IT&ITES segment had streamlined IT infrastructure facility to work from home during the lockdown period and is able to start its operations with reduced capacity. In lockdown phase 4 operations with permissible capacity were started. However, the company has ability and readiness to commence full operations whenever regulators permits.

HOV Services Ltd itrade on Friday ended at Rs44.90 up by Rs2.05 or 4.78% from its previous closing of Rs42.85 on the BSE.

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