Kirloskar Electric has announced the extension of temporary layoff for a period of 60 days, for its workmen at the Hirehalli, Tumkur and Budihyal plants. These workers had initially been laid off from June 12, 2020, as a temporary arrangement.
The Company has applied for extension of layoff period by 60 days at the Govehalli plant in Bengaluru, starting September 20. The workmen at Govehalli had been laid off initially with effect from June 15 for a temporary period, which was extended further the following month.
In July, workers of Kirloskar Electric had called for a strike to protest the temporary layoffs. The Company had implemented the layoffs after seeking approval for the same from the concerned labour departments.
The net loss of Kirloskar Electric was reported to be Rs 17.64 crore in the quarter ended June 2020 as against net loss of Rs 17.07 crore in the same quarter last year. Due to the lockdown and ongoing pandemic, sales have been deeply affected. The Company’s sales dipped 42.10 per cent to Rs 41.25 crore in the quarter ended June 2020, as against Rs 71.24 crore in the same period in the year 2019.
The share of Kirloskar Electric traded at Rs11.30, up by Rs0.03 or 0.27 per cent from its previous closing of Rs11.27 on the Bombay Stock Exchange.