"With production across most plants gaining steam only in the first week of May, around seven of 13 weeks were available during the quarter. However, local lockdowns and restrictions continued to hobble operations," it further added.
Cash profit and net profit for the quarter at Rs 172 crore and Rs 66 crore, respectively, were on account of a turnaround in end May and June. In the year ago period, however, cash profit stood at Rs 305 crore and net profit at Rs 141 crore.
The company said that while demand during rest of the year would be a function of how the lockdowns in various regions of the country pan out from time to time, expectations of gradual easing of lockdown in urban areas and resurgence in infrastructure activities with migrant workers returning to construction sites were indicative that the worst may be over for the industry.