Growth was severely affected by the Covid-19 Pandemic. More than half of the quarter was lost due to lockdown. Even after partial easing of lockdown, less than 60% of market was open for trade for company's products.

With less than 2/3^rd of the channel outlets opened, the monthly sales in June 2020 was in excess of 90% of sales of June 2019. This shows the existing channels that are opened are doing sales better than last year. Once the balance about 1/3^rd of channel network also opens the company is well set to cater to the good demand.

Yearly performance

Consolidated sales for the fiscal ended March 2020 was lower by 2% to Rs 2072.99 crore dragged down by lower sales of cookers as well as cookware. While the standalone sales of cookers and cookware was down by 8% (to Rs 596 crore) and 3% (to Rs 292 crore) respectively that of appliance was up by 3% to Rs 975 crore. Lower sales together with 120 bps contraction in operating profit margin to 12.7%, has dragged the operating profit down by 10% to Rs 263.47 crore. The PBT was down by 14% to Rs 246.09 crore after accounting for lower other income, higher interest and higher depreciation. With EO Expense standing at Rs 11.69 crore against nil in corresponding previous period, the PBT after EO was down by 18% to Rs 234.40 crore. With taxation standing lower by 47% to Rs 49.86 crore as the company opted for lower tax rate as per the recent ordinance, the fall at PAT was restricted at 4% to Rs 184.54 crore.