Balmer Lawrie is today figuring out prominently among the top five losers on the BSE with the stock price going down 5% to hit an intraday low at Rs.112. It has a 20% circuit and today’s LC is at Rs.94.20.
The PSU, for Q1FY21 reported a consolidated net loss profit at Rs.9.5 crore. This was on a 36% drop in net revenue at Rs.277 crore.
The company has said that its operations and financial results for the quarter have been very adversely impacted by the lockdowns imposed to contain the spread of COVID-19. The operations gradually resumed with requisite precautions during the quarter with limited workforce and disrupted supply chain.
The company has considered internal and external sources of information including reliable credit reports, economic forecasts and industry reports upto the date of approval of the Financial Statements and expects to recover the carrying amounts of its assets. The company continues to monitor the economic effects of the pandemic while taking steps to improve its execution efficiencies and the financial outcome.
The PSU is reviewing its strategic business units (SBUs) in the wake of the pandemic. It has SBUs like travel and tourism, logistics, industrial products, leather chemicals, and lubricants.