 "Crompton Greaves Q1 profit falls 39% to Rs 75 crore on lower income")
Crompton Greaves Consumer Electricals on Friday reported a 38.90 per cent decline in its consolidated profit to Rs 74.80 crore for the quarter ended June 30, 2020, due to lower income.
The company had posted a profit of Rs122.44 crore in the same period a year ago.
Total income for the quarter under review stood at Rs 738.68 crore as against Rs 1,364.14 crore in the same quarter a year ago, a drop of 45.85 per cent, Crompton Greaves Consumer Electricals (CGCEL) said in a regulatory filing.
CGCEL Managing Director Shantanu Khosla said COVID-19 had a significant adverse impact on the company's volumes because of lockdowns.
"Even as the gradual unlocking continues, fresh restrictions and temporary lockdowns imposed in select cities extend the tenure of uncertainty. Thus, it would be premature to say that the problems are completely behind us," he added.
Shares of CGCEL were trading 3.37 per cent lower at Rs 243.50 apiece on the BSE.
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