The company had reported a net loss of Rs 36.95 crore for the April-June quarter a year ago, Tilaknagar Industries said in a regulatory filing.
Its revenue from operations was down 42.62 per cent at Rs 185.42 crore as against Rs 323.18 crore of the corresponding quarter of the previous fiscal as sales volume declined from 13.59 lakh cases to 6.18 lakh cases.
According to the company, despite the adverse impact of the COVID-19-induced nationwide lockdown, the company was able to cut down the loss.
“This was primarily due to the steep decline in finance costs from Rs 46.22 crore to Rs 17.24 crore and reduction in operating expenses from Rs 40.54 crore to Rs 22.53 crore,” the company said in a statement. Tilaknagar Industries total expenses were at Rs 208.50 crore during the first quarter of 2020-21.
Shares of Tilaknagar Industries Ltd on Tuesday settled at Rs 16.20 on BSE, down 2.99 per cent from the previous close.