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ICICI Direct Report
HEG Ltd. reported a subdued set of Q1 FY21 numbers on account of a muted operational performance wherein it reported a loss at the Ebitda level.
For standalone operations, topline came in at Rs 233.3 crore (down 71% YoY) and reported Ebitda loss came in at Rs 11.3 crore (versus Ebitda profit of Rs 347.8 crore in Q1 FY20).
For the quarter, it reported a negative Ebitda margin of 4.8% compared to positive margin of 42.6% in Q1 FY20.
During the quarter, as the lockdown was in force for a significant period, the company's operations and financial results were impacted. On account of Covid-19 related lockdowns, the company reported subdued volumes, leading to negative operating leverage.
For Q1 FY21, other expenses as a percentage of sales were at 33.5% compared to 16.9% in Q1 FY20 and 30% in Q4 FY20.
Other income for the quarter aided the company to report a profit at the net level. Other income for the quarter was at Rs 46 crore in comparison to Rs 39.2 crore in Q1 FY20.
Hence, for standalone operations, HEG reported a profit of Rs 10.8 crore in Q1 FY21 (net profit of Rs 234.4 crore in Q1 FY20).
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