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Consolidated revenue from operations stood at Rs 474.50 crore in Q1 June 2020, falling 36% from Rs 742.6 crore in Q1 June 2019. The result was announced after market hours yesterday, 13 August 2020.
Profit before tax stood at Rs 67.23 crore in Q1 June 2020, tumbling 65% from Rs 194.18 crore in Q1 June 2019. Total tax expense fell 74% to Rs 17.72 crore in Q1 June 2020 over Q1 June 2019.
The company's other expense stood at Rs 48.82 crore in Q1 June 2020, which include impairment of exploration expenditure relating to oil and gas exploration block amounting to Rs 26.43 crore.
The company clarified that operations during the quarter gradually resumed with disrupted supply chain and limited availability of workforce at client's sites. The company assured that it is having adequate financial resources to discharge Its liabilities and the company expects to fully recover the carrying amount of its assets. The management is closely monitoring the situation and all possible efforts are being made to optimize business operations.
Shares of Engineers India were up 2.15% at Rs 68.9. The scrip traded in the range of Rs 68.70 to Rs 70.45 so far during the day.
Engineers India (EIL) provides design, engineering, procurement, construction, and integrated project management services primarily for oil and gas and petrochemical industries. The Government of India owned 51.50% stake in company as on 30 June 2020.
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