McNally Bharat Engineering faces significant Covid-19 impact on business operations

The company had temporarily closed operations after the lockdown was announced on March 24, 2020, and resumed operations from May 18, 2020.

Jul 08, 2020 03:07 IST India Infoline News Service

McNally Bharat Engineering Company
McNally Bharat Engineering Company Limited informed the exchanges Wednesday that the Covid-19 is significantly impacting business operations of the company, by way of interruption in the project activities, supply chain disruption, unavailability of workers, etc. The company is closely monitoring the situation.

The company had temporarily closed operations after the countrywide lockdown was announced on March 24, 2020. The company's operations were resumed from May 18, 2020, in a phased manner considering directives from the Government of India and relevant State Governments under whose jurisdiction various offices and project sites of the company are situated.

The company has evaluated its liquidity position, recoverability and carrying-value of its assets and has concluded that no material adjustments are required currently at this early stage.

“All the financial reporting and controls are maintained adequately, despite the fact that employees had been working from home. It is difficult to estimate the impact fully at this point of time, considering the prevailing circumstances. How things will get normalised depends upon many variables caused by Covid-19 and associated issues. There is no material update, at this point of time,” company said.

McNally Bharat Engineering Company Ltd is currently trading at Rs4.99 down by Rs0.26 or 4.95% from its previous closing of Rs5.25 on the BSE.

Related Story

Open Free Demat Account (Rs699)