The company had posted a net loss of Rs 204.17 crore in the corresponding period of the last financial year.
Revenues from operations in the period under review increased 130 per cent to Rs 2608.44 crore, compared to Rs 1130.80 crore registered in the year-ago period.
Raghupati Singhania, Chairman and Managing Director (CMD), said, “The first quarter of this fiscal year started on a subdued note due to resurgence of the second wave of the pandemic and lockdowns, which impacted demand. Despite these challenging market conditions, we achieved encouraging growth in revenues and profitability.”
Singhania added due to the rise in input costs, operating margins were impacted in the quarter under consideration. Nonetheless, we are taking judicious price increase across product categories. The company continued to focus on replacement and export sales. At the same time relationship with OEMs are being expanded and strengthened”, he added.
Singhania informed going ahead the company expects improved market conditions, emanating from higher inoculation levels and sharp recovery in economic activities, which is likely to improve sales in both replacement and OEM segments. “Going forward we are optimistic and expect a healthy growth of the industry”, he said.
