IT hardware company TVS Electronics on Saturday posted a loss of Rs 9.75 crore for the first quarter ended on June 30, 2020, due to the impact of lockdown on business operations.
The company had registered a profit of Rs 1.97 crore in the same period a year ago.
Total revenue of TVS Electronics reduced by more than half to Rs 29.32 crore during the reported quarter from Rs 63.42 crore in the corresponding quarter of 2019-20.
"The outbreak of COVID-19 pandemic and consequent lockdown has impacted regular business operations since the last week of March 2020. The company has since restarted its operations in a phased manner," TVS Electronics managing director Srilalitha Gopal said in a financial performance note.
She said that the company has taken into account external and internal information for assessing possible impact of COVID-19 on various elements of its financial results, including recoverability of its assets.
"This assessment and the outcome of the pandemic as regards the aforesaid matters is highly dependent on the circumstances/ developments as they evolve in the subsequent periods," Gopal said.