Diversified PSU Balmer Lawrie & Co Ltd is expecting a dip in its profitability and turnover during the current fiscal in the wake of the COVID-19 pandemic, an official said on Friday.
The company made a loss in the first quarter for the first time in 20 years due to the coronavirus crisis, its chairman and managing director Prabal Basu said.
“This fiscal will practically be a ten-month tenure as April and May have been lost due to the lockdown. The 2020-21 fiscal will be a challenging year and we expect a drop in profitability and turnover,” he told shareholders at the company’s 103rd annual general meeting.
The company had clocked a profit of Rs 177 crore and a turnover of Rs 1,612 crore in the last fiscal.
He said the worst-affected vertical is the travel and tourism, which will take a couple of years to revive.
“Unless a vaccine