Crompton Greaves Consumer Electricals on Friday reported a 38.90 per cent decline in its consolidated profit to ₹74.80 crore for the quarter ended June 30, 2020, due to lower income.
The company had posted a profit of ₹122.44 crore in the same period a year ago.
Total income for the quarter stood at ₹738.68 crore as against ₹1,364.14 crore in the same quarter a year ago, a drop of 45.85 per cent.
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 ended 0.34 per cent lower at ₹253 on the BSE.