ITD Cementation India fell 4.86% to Rs 52.90 after the company registered a consolidated net loss of Rs 16.96 crore in Q1 June 2020 compared with net profit of Rs 16.92 crore in Q1 June 2019.
Consolidated net sales slumped 43.3% to Rs 399.73 crore in Q1 June 2020 over Q1 June 2019. Consolidated pre-tax loss stood at Rs 22.88 crore in Q1 June 2020 compared with pre-tax profit of Rs 28.04 crore in Q1 June 2019. Current tax expense for the quarter slumped 98% at Rs 0.28 crore from Rs 14.30 crore in Q1 June 2019.
The outbreak of COVID-19 had disrupted regular business operations of the group due to the lockdown restrictions and other emergency measures imposed by the government from time to time. However, the business operations have recommenced in a limited scale post relaxation of lockdowns with limited availibility of workforce and its disrupted supply chain.
Exceptional items for the quarter and year ended 31 March 2020 represents write off towards current trade receivables and unbilled work-in-progress worth Rs 40.93 crore receivable from a customer of the holding company, considered as non-recoverable.
ITD is engaged in providing design, engineering, procurement and construction (EPC) services for infrastructure projects in the country.
The stock surged 103.46% from its 52-week low of Rs 26 hit on 25 March 2020. On the technical front, the stock's RSI (relative strength index) stood at 53.705. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day moving average (DMA) placed at 49.26 and its 200-day moving average (DMA) placed at 47.77.
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