Building materials major HIL Limited, part of the $2.4-billion CK Birla Group, has announced the financial results for the quarter ending June 30, 2020. The company reports decline in revenues by 8% to Rs 693 crore in Q1 FY21 as against Rs 751 crore over the same quarter of FY20.
“Our operations in India and Europe posted a very good result in these tough times on account of the quick revival of roofing segment post lockdown, e-business and DIY focus by our subsidiary Parador Germany combined with an aggressive focus on cost reduction undertaken during the quarter,” the company’s CEO & MD Dhirup Roy Choudhary said in a press release.
Roy Choudhary added, “The company is facing severe headwinds on account of an inevitable slowdown in real estate sector due to Covid-19 pandemic and a decline in overall consumer demand, including the demand for construction and building materials. However, our company is committed to reimagining the organisation, focusing on greener pastures using digital mapping, while ensuring compliance and safety across all units. In the coming quarters, we expect a recovery in demand and growth in volumes across the world as business comes back to the new norm.”