Leading precious metal player Shirpur Gold Refinery Ltd (SGRL) has lowered its loss to Rs 32 crore in Q1 FY22 as against a loss of Rs 62 crore in the same quarter last year.

However, the company's revenue went up to Rs 1,348 crore as against Rs 702 crore in Q1 FY 21.

Half of India's gold refineries had shut down in the wake of Covid-19 and consequent slump in gold business due to lockdowns.

SGRL said it had negative earnings per share of Rs 10.8 in Q1 FY22 as against a negative EPS of Rs 21.2 in the same quarter last year.

SGRL has a greenfield precious metal refinery with installed capacity to refine 217 metric tonnes of gold and silver per year in Shirpur and Dhule districts of Maharashtra.