Given below is the Annual Budget of X Ltd for the financial year 2021 along with the actual results for Quarter I.

Budget 2021	Quarter 1		Qtr II	Qtr III	Qtr IV	Fin Yr 21
Values in INR / Lakhs	Budget	Actual	Budget	Budget	Budget	Budget
Sales (Nos)	39,750	44,550	39,000	39,500	40,500	1,58,750
Avg Sale Price	623.90	633.00	625.64	630.38	629.63	627.40
Sale Value	248	282	244	249	255	996
Cost of Material Consumed	166	184	162	164	165	657
Manpower Cost	23	25	23	23	25	94
Office & Admn Costs	9	8	10	10	12	41
Selling & Distribution Costs	11	12	10	11	11	43
Interest & Fin Costs	5	9	5	6	5	21
Profit before Tax	34	44	34	35	37	140
Income Tax	6	8	6	6	6	24
Profit after Tax	28	36	28	29	31	116
Equity Shares Lac/Nos	4	4	4	4	4	4
EPS	7.00	9.00	7.00	7.25	7.75	29.00

Due to a major change in business environment the management has forecasted the following impacts on the performance for the year 2021:

a. Fall in sales is expected to be around 80% of budgeted levels in the 2nd quarter.

b. In the 3rd and 4th Qtrs the sales are expected to recover to 80% and 90% respectively of the budgeted levels.

c. Sale Prices will be maintained at budgeted levels throughout the year.

d. Due to new technological breakthrough work from home will be the norm for the rest of the year saving almost 75% of the Admn Costs from Budgeted levels.

e. Selling & Distribution Costs will be completely stopped in Qtr II but will restart in Qtr III and Qtr IV. However, the annual budgeted expenses will be fully incurred during the Qtrs III and IV in order to maximize sales.

f. The Interest and Fin Costs will remain unchanged at budgeted levels.

g. Income Tax in Qtrs II to IV will be at 20%

You are required to prepare a revised Annual Forecast for the FY 2021