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Pennar Industries Limited (PIL) has registered a steep fall in its net profit for the fourth quarter ended March 31, 2020 at ₹0.95 crore, compared with ₹24.15 crore in the corresponding quarter last year.
The company’s revenue for the fourth quarter was also lower at ₹455.97 crore, against ₹590.18 crore for the corresponding quarter of last year.
On consolidated basis, the company closed the financial year ended March 2020 with net revenue of ₹2,106.55 crore and profit of ₹53.05 crore, compared with net revenue of ₹2,133.11 crore and profit of ₹66.44 crore in the previous year.
KM Sunil, Vice-President, Corporate Strategy, PIL, in a statement said, “Our Q4 performance got impacted due to challenging business environment and due to the global pandemic Covid-19. Consequently, on yearly basis, we reported a 1.25 per cent decrease in revenue over the previous year.”
PIL has received new orders across business verticals, such as building products, tubes, solar, railways, industrial components and pre-engineered buildings.
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