Net sales declined 46.2% year-on-year (YoY) to Rs 80.64 crore in Q1 June 2020 over Q1 June 2019. Pre-tax loss in the June quarter stood at Rs 23.38 crore as against pre-tax profit of Rs 9.90 crore reported in the same period last year. The company wrote back taxes worth Rs 5.94 crore during the quarter.

The nationwide lockdown from 24th March, 2020 as a result of global pandemic COVID-19, disrupted normal operations during the quarter, though the Government progressively relaxed the lockdown conditions. Accordingly, sales volume for the quarter ended 30th June 2020 has been impacted. The restoration of normal business activities are dependent on future directives from the Government and the impact of the pandemic on the economy and the operation of the company, Orient Paper said in its notes to accounts.

Orient Paper & Industries is currently engaged in manufacturing of paper with a paper unit at Madhya Pradesh, having a capacity of 1,10,000 tonnes per annum (TPA) (printing and writing paper 55,000 tpa and tissue paper 55,000 tpa) and caustic soda and derivatives.

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Net loss of Orient Paper & Industries reported to Rs 17.44 crore in the quarter ended June 2020 as against net profit of Rs 8.02 crore during the previous quarter ended June 2019. Sales declined 46.16% to Rs 80.64 crore in the quarter ended June 2020 as against Rs 149.77 crore during the previous quarter ended June 2019.

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Orient Paper & Industries will hold a meeting of the Board of Directors of the Company on 17 August 2020.

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Orient Paper & Industries announced that the 84th Annual General Meeting (AGM) of the company will be held on 27 August 2020.

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