New Delhi, Jul 19 (IANS): Hindustan Copper Ltd, which was already in dire straits due to weak performance in FY 2019-20, is in a worse situation now amid the pandemic, its Chairman and Managing Director Arun Kumar Shukla has said.

He is of the view that only optimisation and cost cutting can help the company survive.

In his note in the company's house journal, Shukla said that optimisation and cost reduction are required in all fronts, both operational and non-operational, for the company to stay afloat.

"As you are well aware, the financial condition of the company is in dire straits, primarily due to the dismal performance during the fiscal year 2019-20. The Covid-19 pandemic has only worsened the situation," he said.

He noted the employees need to brace themselves for tough times ahead and focus on making up the production shortfall in FY 2020-21, "come what may for the survival of the company".

Shukla stressed on the need for out of the box thinking to explore all possibilities for production improvement and alternative revenue generation.

He said that the the need of the hour is to put in the best and be ready to "make sacrifices".

Asking the employees to be disciplined, patient and give their best, the CMD said: "In the post Covid-19 era, we will emerge stronger and more confident than even before."