Igarashi Motors closes units temporarily due to lockdown in Chennai

Apurva Joshi
/ Categories: Trending
Igarashi Motors closes units temporarily due to lockdown in Chennai

According to the announcement made by Igarashi Motors India Limited, its manufacturing units and corporate office at Chennai will be closed from June 19, 2020 to June 30, 2020 as Government of Tamil Nadu has imposed a complete lockdown in Chennai and its adjoining districts in light of a sudden rise in COVID-19 cases in the state and especially in Chennai.

The company has informed that its senior level employees will continue to work from home, except for those whose physical presence is necessary to ensure that the daily operating activities continue to be carried on smoothly.

Previously, when the directive for a nationwide lockdown had been issued, all of the company’s manufacturing units and its corporate office were closed from March 23, 2020 to April 14, 2020. Although the lockdown had been further extended, the company was able to partially resume its operations at the manufacturing units from May 07, 2020 after having taken approvals from the concerned government authorities.

In financial terms, its standalone revenue for Q4FY20 came in at Rs 118.12 crore relative to Rs 142.16 crore in the corresponding quarter last year, registering a 16.9 per cent YoY decline. The EBITDA for the quarter fell by 35.1 per cent YoY to Rs 13.25 crore as against Rs 20.42 crore in the corresponding quarter last year, with a corresponding margin contraction of 315 bps. EBITDA margin for the quarter stood at 11.2 per cent.

The PAT for Q4FY20 came in at Rs 2.17 crore as against Rs 7.09 crore in the corresponding quarter last year, reflecting a YoY decline of 69.4 per cent. The growth in volumes took an impact from the lockdown imposed in March 2020.

In the start of April, the company’s stock had made a 52-week low of Rs 150.65 and since then, it has recovered by approximately 54 per cent. On Wednesday, it opened at Rs 233 and surged by 3.4 per cent to Rs 236.90 from its previous close of Rs 229.15 on BSE.

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