Tarapur Transformers reported a net loss of Rs 16 lakh for the quarter ended December 31, 2020. The company had reported a net profit of Rs 4.5 crore in the same period a year ago.
The company’s total income fell to Rs 10.07 crore in the quarter, down from Rs 12.43 crore in the year-ago period. Its total expenses also declined to Rs 10.23 crore from Rs 12.36 crore reported in the corresponding quarter of the previous year.
The company said that its performance during the quarter was adversely affected due to the slowdown in the power sector, delay in payments by customers, and increase in costs due to the pandemic.
The company also said that it has taken several steps to reduce costs and improve operational efficiency in order to reduce the impact of the slowdown.