Chemical
EIL well placed to fight Covid-19 crisis
The company is debt-free and is having adequate cash reserves to meet its Capex requirements.
- By ICN Bureau
| June 24, 2020
Engineers India Limited informed the exchanges Wednesday that given the current situation there may be delays in execution of certain projects and the resultant impact on revenue and profitability going forward. However, the full impact with the credibility of Covid-19 is not ascertainable at this stage.
The company is having adequate cash reserves in the form of Bank FDR's and liquid schemes of Mutual Funds. The company is debt-free and is having adequate cash reserves to meet its Capex requirements.
It said that there has been a disruption in the operations at all establishments, offices and sites of company due to lockdown announced by the Government of India from March 25, 2020.
The company resumed partial services from April 20, 2020, after implementation of standard protocols. Presently, the company does not foresee any significant impact on its fulfilment of obligations to the customers for existing contracts, arrangements, although there may be delays in the schedules for completion of contracts and arrangements.
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