Conference Call with Blue Star Management and Analysts on Q4FY20 and Full Year Earnings Performance and Outlook. Listen in to the full earnings transcript. Key Highlights The spread of COVID19 in China in January had seen supply disruptions. Consequently all manufacturers including Blue Star accelerated the supply of raw materials and components in February. However execution of orders and revenue generation came to a halt in the second fortnight of March. This compounded the magnitude of the COVID19 problem: Materials ordered began to arrive in the Indian ports, while demand fell considerably. Resulting stress on cash flow was profound, driving us to quickly build up balances in the balance sheet. Most back end processes have functioned significantly with employees working from home. Our digital focus has allowed processes in the company to function as seamlessly as possible. We have focused on safe resumption of factories and offices when it is safe to open. Some offices in Kolkata, Bangalore and Delhi are operational. Due to significant disruptions in supply and demand in February and March, revenues fell below expectations. Financials can be seen here. Tight management and receivables resulted in reduction of capital employed. Disruptions in operating cash flow and external obligations in March 2020 necessitated additional borrowing for the company. However with tight working capital management throughout the year, borrowing actually reduced for the year to Rs. 155 crore leaving us a debt equity ratio of 0.21 (compared to Rs. 243 crore and D/E ratio of 0.28 the previous FY).