New Delhi, Jun 15 (PTI) TD Power Systems on Monday posted over 22 per cent jump in consolidated net profit at Rs 18.81 crore for March quarter 2019-20.
The company clocked a profit of Rs 15.37 crore in the year-ago period, a regulatory filing said.
Total income in the quarter under review was Rs 153.10 crore, down from Rs 200.21 crore in January-March 2018-19.
In 2019-20, the company’s profit was at Rs 29.93 crore, up from Rs 3.19 crore in the preceding financial year. Total income was Rs 528.08 crore as compared with Rs 468.18 crore in 2018-19.
The company’s board has recommended a final dividend of 75 paise per equity share of Rs 10 each for 2019-20 subject to the approval of the shareholders.
Operations at the manufacturing units of the company had been shut since March 23, a day before the lockdown was imposed to curb COVID-19. Limited operations resumed in April after obtaining necessary approvals from the authorities, it said.
The company was able to achieve almost normal level of operations from May 11, consequent to further relaxations in the lockdown. During this period, the functioning of the foreign subsidiaries was generally unaffected by COVID-19, it said.
The incremental costs incurred by the company to adhere to the standard operating procedures notified by the government or authorities were not very significant, it added.
The management has considered the possible effects that may result from the pandemic on the carrying value of various assets after taking into account various internal and external information up to the date of approval of these financial statements and concluded that they are recoverable based on the expected future performance of the Group.
The Group has also assessed various scenarios and assumptions and based on the current estimates, the management of the Group expects that the carrying amount of these assets, as reflected in the balance sheet as at March 31, 2020, are fully recoverable and that no further provision is required, it said.
Considering the present liquidity position of the Group and its ability to raise funds, if required, the management does not foresee any adverse impact on its ability to continue as going concern and in meeting its liabilities as and when they fall due, it said.
The impact assessment of COVID-19 is a continuing process given the uncertainties associated with its nature as well as its duration and the management will continue to monitor any events/ changes to future economic conditions.
Accordingly, the impact may be different from that estimated as at the date of approval of these financial results, it added. PTI KKS