IFCI displays adaptability to curtail Covid-19 impact on its business; stock dips 2%

The company said no critical business activity was disrupted and the Management ensured smooth functioning of all critical business activities during the last few months.

Jul 03, 2020 09:07 IST India Infoline News Service

IFCI
IFCI Limited informed the exchanges Thursday that the impact of Covid-19 pandemic is having on the physical and financial performance of the company for the year 2019-20 was lesser as compared to the months of April and May 2020, as the nationwide lockdown was announced only in the last week of the financial year 2020.

During all lockdowns since March 2020, as announced by the Central and State Governments to curb the rapid spread of the virus, IFCI Ltd has shown efficient adaptation and effective resilience to minimise the impact of this unforeseen and enormous business disruption. No critical business activity was disrupted and the Management ensured smooth functioning of all critical business activities during the last few months.

As NBFC activities were declared as essential activities in April 2020, after taking necessary approvals from the government authorities, the offices have been opened for senior officers and skeletal staff at lower levels as per the Govt. and Statutory guidelines from time to time.

Further, permission of on-field visits at client's place is being provided after taking into account the magnitude of the Covid- 19 disease spread in the respective area of the client, subject to adherence to mandatory guidelines laid by the Statutory Authorities. All the discretionary expenses like travel and business promotion are curtailed.

IFCI Ltd is currently trading at Rs7.78 down by Rs0.18 or 2.26% from its previous closing of Rs7.96 on the BSE.

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