Orient Electric Ltd on Monday reported a 7.35 percent fall in its net profit to Rs 35.78 crore in the fourth quarter ended March 2020, impacted by the coronavirus-induced lockdown. The CK Birla group firm had posted a net profit of Rs 38.62 crore in the January-March quarter of the previous financial year, Orient Electric said in a regulatory filing.
Its revenue from operations was down 11.69 percent to Rs 563.14 crore during the period, against Rs 637.70 crore in the corresponding period of the previous financial year.
The company stated, "In line with government directive, the company had temporarily shut all its business operations since March 23, 2020, leading to a near halt of the business activities, impacting sales and profit of the company, and which has started gradually resuming during May 2020."
Orient Electric's total expenses stood at Rs 516.18 crore in the fourth quarter of 2019-20 as against Rs 580.26 crore, down 11.69 percent.
Its revenue from electrical consumer durables was Rs 454.50 crore and Rs 108.64 crore from the lighting and switchgear segment during the quarter.
For the financial year 2019-20, Orient Electric's net profit was up 13.43 percent to Rs 78.62 crore. It was Rs 69.31 crore in the previous year.
Its revenue from operations in the financial year 2019-20 was Rs 2,061.82 crore, up 10.58 percent. It was Rs 1,864.40 crore in 2018-19.
Meanwhile, in a separate filing, Orient Electric told the BSE that its board at its meeting on Monday recommended a final dividend of Re 0.50 per equity share of a face value of Re 1 each for the financial year ended March 31, 2020.
This would make "a total dividend of Rs 1.15 (at the rate of 115 percent) per equity share of Re 1 each for the financial year 2019-20, including interim dividend of Re 0.65 (at the rate of 65 percent) per equity share declared earlier during the financial year 2019-20," the company said.
During the lockdown, Orient Electric said, "The company does not anticipate any material impact on the recoverability of the carrying value of its assets including receivables, inventory, and fixed assets.
"Since the resumption of normal business operations are also dependent on future directives from the government, including future implications of the pandemic on the people and the economy, the forthcoming situation is not known as of now and will be closely monitored by the company to assess for any material implication and adjustment to the carrying value of assets," it added.
Shares of Orient Electric Ltd on Monday settled at Rs 177.75 on the BSE, up 5.68 percent from the previous close.
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