Tag: Q2

PSP Projects tanks 11% after net profit falls 41%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of construction engineering company PSP Projects dropped over 11 percent on Tuesday after the company reported a net profit of Rs 21.5 crore for the quarter ending September, 40.8 percent lower than Rs 36.4 crore reported in the same period last year.

The company’s shares were trading 11.35 percent lower at 2.58 pm at Rs 567.30 apiece on the BSE.

Its revenue slipped 7.8 percent to Rs 360 crore from Rs 390.4 crore recorded in the same period last year. The company also reported a decrease in its earnings before interest, taxes, depreciation, and amortisation (EBITDA) as well as margin, which was 11 percent for this fiscal year’s second quarter and 14 percent in the same period last year.

The company said its total order on hand till September 30 was Rs 5,081 crore and government projects consisted of 56 percent of the order book in the second quarter of this fiscal, compared to 68 percent in the same period last year.

“PSP Projects has once again recorded highest ever order book till date of Rs.5,081 crore. In comparison to all previous H1, the company has received highest ever order inflow of Rs 1,512crore in the first half of this fiscal year as compared to Rs 637 crore during the same period in FY22, a growth of 137 percent year-on-year,” the company stated in its investor presentation for the second quarter this fiscal.

Last month, the company’s chairman, managing director and CEO PS Patel, had told CNBC-TV18 that the construction engineering firm orders inflows worth Rs 1,500 crore for this year, so far and its target is to reach Rs 2,500 crore.

“In general, what we have projected for this year is to reach up to Rs 2,500 crore new inflow of orders. I think we have already reached Rs 1,500 crore. As the market is going good and the economic cycle, the way that the country is developing, I think we are getting sufficient inquiries,” he said.

The company also added that it was awarded 14 projects during the second quarter this fiscal, which included a corporate office building project ov Rs 290 crore value by a leading multi-national company, an archeological museum of Rs 97 crore value by the Gujarat government, among others.

Meanwhile, it completed 10 projects during the second quarter, including a commercial building in GIFT city, four precast projects, a corporate building for Indian Potash Ltd, a hospital in Rajasthan, a medical college, among others.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

BofA sees Q2 growth improving to -7.8% for India

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Indian economy is likely to have improved in the second quarter with GDP printing in at -7.8 percent as against 24 percent contraction in the June quarter, says a BofA report. The government will release the GDP data by the end of the month.

House economists at the Wall Street brokerage Indranil Sengupta and Aastha Gudwani further said the economy is likely to close this fiscal year with a current account surplus of 1 percent given the massive contraction in imports. They have also retained their earlier forecast of 7.5 percent GDP contraction as against 11 percent earlier for 2020-21 which is much better than the average forecast of 9.5-11 percent contraction by other analysts.

Also Read: Moody’s ups FY21 India growth forecast to (-) 10.6%

We expect the September quarter growth to be at -7.8 percent, better than -23.9 percent in the June quarter. We also retain our previous forecast of -7.5 percent growth in FY21, they said in a report on Wednesday. Separately, they expect the Reserve Bank to let the rupee fall to Rs 75-76 against the dollar and also buying net USD 77 billion this fiscal. So far, the central bank has snapped up USD 66.3 billion.

We continue to expect the RBI to follow its asymmetric policy of buying forex when the dollar weakens and letting the rupee drift towards Rs 75 to a dollar if it strengthens under the new US administration, which is expected to unveil a USD 500 billion- USD 1 trillion fiscal stimulus in February. In case of a greater-than-expected stimulus, the RBI will likely buy up risk-on foreign portfolio investment flows to add to the forex reserves. In case of a disappointment leading to a risk-off in markets, we see the RBI letting the rupee weaken to Rs 75-76, the report said.

Also Read: 10 countries with the highest GDP: India overtakes France, find out who is No 1

It can be noted that the policy of trying to allow the rupee to appreciate at the cost of forex reserves in 2009-11 finally led to massive depreciation in 2011, 2013 and 2018. For the first first time in the last ten years, the RBI has been able to rebuild adequate forex reserves, which has been on an upward trajectory for many months now and has hit USD 572.771 billion in the week to November 13.

The trade deficit jumped to USD 8.7 billion in October from USD 2.7 billion in September as exports fell again, led by oil. Imports, however, continued to decline, but at a slower pace, as both gold and non-oil, non-gold imports were relatively better. We project the current account surplus at USD 13 billion in Q2, down from USD 19.8 billion in Q1, helping FY21 close with a 1 percent surplus, the report said, adding 2021-22 will again see a current account deficit of 0.5 percent of GDP provided the crude averaged at USD 50 a barrel.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Srei Infra Finance reports 91% drop in Q2 net profit at Rs 4.72 cr

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Srei Infrastructure Finance Ltd (Srei) on Monday reported a drop of 91.5 percent in its consolidated net profit at Rs 4.72 crore in the second quarter ended September 2020. It had posted a net profit of Rs 55.37 crore in the year-ago period. Sequentially, the profit was also down from Rs 23.01 crore posted in the June quarter of the current fiscal year.

Total consolidated income of the financing company fell to Rs 1,182.21 crore during the July-September period of 2020-21 as against Rs 1,424.18 crore in the same period of 2019-20, it said in a regulatory filing. Consolidated assets under management stood at Rs 43,339 crore as on September 30, 2020 as compared to Rs 44,213 crore as on June 20, 2020, it said in a release.

Srei chairman Hemant Kanoria said: ”The first half of this financial year has been very challenging for businesses and stability has been the mantra in this period of pandemic. Many sectors have already started doing well. But infrastructure is a sector where projects have long gestation periods; so any fundamental disruption takes a long time to bring business back on track, he said.

”The immediate need of the hour is for state governments, the central government and all public sector undertakings to release the dues of the contractors/construction companies, and the judiciary to issue appropriate orders that when an arbitration award is against a government organisation or the government, it should not be ’stayed’.

”If cash flow improves in the hands of contractors/infrastructure companies by realisation of dues/arbitration award payments then the companies can revive and complete pending contracts and/or undertake new ones,” Kanoria said.

Srei said the company has been focusing on the equipment finance business and it will continue to be its area of focus going forward. Stock of the company closed at Rs 6.85 apiece on BSE, up 7.37 percent from previous close.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Jyothy Labs Q2 profit rises 12% to Rs 60.13 cr

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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FMCG firm Jyothy Labs on Wednesday reported a 12.2 percent increase in consolidated net profit at Rs 60.13 crore for the quarter ended September 30, 2020. The company had posted a net profit of Rs 53.59 crore in the year-ago quarter.

Its total income during the quarter under review stood at Rs 508.51 crore, up 5.86 percent, compared with Rs 480.32 crore in the same period last year. ”The revival of the consumer sentiment has been reflected in the company’s performance across our brand portfolio. We have been focussing on volume led sales growth, brand building, product innovation and cost rationalisation measures leading to sustainable profitable growth, the company said in a regulatory filing.

There is strong demand acceleration in the general trade and ecommerce platform while modern trade stores and canteen stores department operations are still facing issues on the ground, it added. M R Jyothy, Managing Director of Jyothy Labs, said the company’s focus on execution combined with its portfolio comprising of daily use ’essential hygiene’ has delivered strong sales and profitable growth.

”The company is well-positioned and committed to deliver sustainable volume led profitable growth through focus on strengthening the overall franchise, Jyothy said. The Mumbai-based company sells products under brands such as Ujala, Maxo, Exo, Henko, Pril, Margo, Neem, Chek and Mr White. The company’s shares were trading 1.76 percent higher at Rs 132.80 apiece on the BSE.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Muthoot Finance Q2 net profit rises 2.5% to Rs 931 cr

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Muthoot Finance on Tuesday reported a 2.5 percent increase in consolidated net profit at Rs 930.80 crore for the second quarter ended September of the current fiscal year. The company had posted a net profit of Rs 908.54 crore in the same quarter of previous fiscal year.

Total income grew 17.4 percent to Rs 2,824.19 crore during July-September period of 2020-21 from Rs 2,406.39 crore in the same period of 2019-20, Muthoot Finance said in a regulatory filing. The company’s consolidated loan assets under management grew 29 percent to Rs 52,286 crore during April-September of FY21, it said.

The results include financial numbers from its subsidiaries — Muthoot Homefin (India) Ltd, Belstar Microfinance Ltd, Muthoot Insurance Brokers Pvt Ltd, Muthoot Money Ltd and Sri Lankan subsidiary Asia Asset Finance Plc (AAF).

On a standalone basis, net profit of Muthoot Finance rose to Rs 894.39 crore during the quarter under review from Rs 857.92 crore in the year-ago quarter. Income grew to Rs 2,584.47 crore from Rs 2,140.55 crore a year ago.
The company said it saw highest ever quarter-on-quarter (QoQ) growth in its gold loan portfolio.

“We are glad to inform that we could achieve highest ever quarterly growth in gold loan portfolio of Rs 5,739 crore during this quarter i.e., QoQ growth of 14 percent. With this growth, we achieved a year-on-year growth in loan assets of 32 percent reaching Rs 47,016 crore…we are able to support our customers with extra funds during times of their difficulty,” Muthoot Finance Chairman M G George Muthoot said.

“We also achieved a year-on-year increase of 25 percent in profit after tax of Rs 1,735 crore for the half-year ended September 30, 2020,” he added. Non-gold loan portfolio in subsidiaries constituted about 11 percent of the company’s consolidated loan portfolio. Collections in non-gold loan portfolio have significantly improved month-on-month, the company’s managing director George Alexander Muthoot said.

The company disbursed fresh loans to 4.40 lakh new customers, amounting to Rs 3,653 crore, and to 4.67 lakh inactive customers, amounting to Rs 3,460 crore, during the quarter, he added.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Adani Gas Q2 net profit jumps 13% to Rs 136 cr

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Adani Gas Ltd on Tuesday reported a record net profit in the September quarter as sales returned back to pre-Covid levels quicker than anticipated, with the economy reinflating on easing of lockdown restrictions. Net profit in July-September quarter at Rs 136 crore was 13 percent higher than Rs 120 crore profit a year ago, Adani Gas CEO Suresh P Manglani told reporters during an earnings call.

The board of the company approved raising USD 400 million (about Rs 2,950 crore) in US dollar-denominated bonds to fund capital expenditure for the next two years, he said. The company, which is a joint venture of Adani Group and French energy giant Total, has planned a capex of Rs 7,000-8,000 crore in the next three years, and the debt will help meet a part of this planned capex.

The firm, which retails CNG to automobiles and piped natural gas to households and industries, has decided to change its name to Adani-Total Gas Ltd to reflect the French energy giant’s participation, Manglani said. He said sales volume improved rapidly with the reopening of the economy. Industrial sales have risen above pre-COVID levels, but CNG sales are still 10 percent lower than normal, primarily because schools haven’t fully reopened and public transport is not back on roads yet.

While sales were back to normal in September, volumes were lower than last year on an overall quarterly basis. The firm sold 131 million standard cubic metres (mmscm) of gas in July-September, down from 146 mmscm a year ago.
“Average volume in September was 1.59 million standard cubic metres per day (mmscmd) as compared to average volume in Q1 of 0.71 mmscmd, showing significant volume recovery trend,” Manglani said, adding that September exit volume was 1.61 mmscmd.

The company’s revenue was 12 percent lower at Rs 441 crore in July-September quarter. The firm, whose operations span 15 geographical areas, raised the number of CNG stations to 134 with the commissioning of 19 new CNG stations.

Piped natural gas connections to households increased by 7,704 in Q2 to 4.46 lakh.

The company’s board also approved altering its main object clause of Memorandum of Association (MOA) by inserting objects to carry on the businesses of bio-gas, bio-fuel, bio-mass, electric vehicle, hydrogen manufacturing of various equipment and provision of value-added services relating to city gas business, he said.

Commenting on the quarterly result of the company, Adani Group Chairman Gautam Adani said, “Our focus has never wavered from initiatives that are aligned with the nation’s agenda. A gas-based economy is beneficial not just on the sustainability front but also on several other fronts of national importance that include reduced health risk, wider and cleaner range of applications, energy efficiency, transportability as well as helping save foreign exchange given the global gas cost structures.”

“I anticipate gas will be one of the key pillars that will enable India to get an energy mix that is cleaner and superior from multiple dimensions. We are committed to becoming a leader in this sector,” he added.

Manglani said, “Adani Gas has reported highest ever financial performance with robust physical performance despite ongoing pandemic.”

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

PVR reports Q2 net loss of Rs 184.06 cr

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Leading multiplex chain operator PVR Ltd on Tuesday reported a consolidated net loss of Rs 184.06 crore for the second quarter ended September 30, 2020, as the film exhibition business continued to be impacted by the coronavirus-related restrictions. The company had posted a net profit of Rs 47.67 crore in the July-September quarter a year ago, PVR said in a BSE filing.

Its total income was at Rs 110.61 crore during the quarter under review against Rs 979.40 crore in the corresponding quarter last fiscal. PVR’s total expenses were at Rs 389.37 crore in July-September 2020-21.

“Financial performance of the company for Q2, FY 21 was impacted by the continued lockdown announced due to COVID-19 outbreak, which disrupted company’s operations,” said PVR in a post earning statement.

Also Read: PVR Cinemas says most landlords waived rents; costs down 75%

Consequently, PVR had almost nil’ revenues during the quarter from core movie exhibition business with the exception of one property in Colombo, Sri Lanka, it added. “With 100 percent revenue decline, the company reported significant losses in Q2, driven by the continuing fixed costs, it said.

Meanwhile, PVR said its results were not comparable as business was impacted due to temporary closures of cinemas. Results for the quarter ended September 30, 2020, are not comparable with results for the quarter ended September 30, 2019, as temporary closures of cinemas and suspension of operations have impacted business operations, it said.

The company had initiated a series of short-term and long-term measures to aggressively control costs as well as augment liquidity.  PVR further strengthened its cost control measures resulting in 71 percent savings YoY in total fixed costs excluding Rent and CAM. Monthly fixed cost excluding Rent and CAM dropped to Rs 24 crore in the quarter as against Rs 86 crore in Q2 FY20,” it said.

PVR is in active engagement with its developer partners for discussions on rent and CAM and so far settlements have been reached for more than 60 percent of cinemas offering PVR complete rent waiver for lockdown period and significant discounts on rent post reopening.

Under Unlock 5.0 guidelines, the government has permitted cinemas to reopen from October 15 onwards with 50 percent capacity.  So far, 16 states and UTs, where PVR has a presence, have permitted cinemas to restart operations. Out of total 831 screens of the company, over 575 have received permission to reopen, it said.

PVR Ltd Chairman cum Managing Director Ajay Bijli said: We are eagerly waiting for re- opening of other states, specifically Maharashtra and Telangana, so that business can gradually get back to normal. We are taking all possible precautions so that both our customers and employees feel safe while visiting their favourite cinema.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Adani Ports & SEZ Q2 consolidated profit up 32% to Rs 1,394 cr

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Adani Ports and Special Economic Zone Limited (APSEZ) on Tuesday reported a 31.57 percent increase in its consolidated profit to Rs 1,393.69 crore for the second quarter ended on September 30, 2020. The country’s largest integrated logistics player had clocked a consolidated net profit of Rs 1,059.20 crore in the corresponding period a year earlier, the company said in a BSE filing. Its total consolidated income increased to Rs 3,423.16 crore for the second quarter as against Rs 3,326.90 crore in the year-ago period.

The company’s total expenses during the quarter under review declined to Rs 1,622.78 crore compared to Rs 2,440.56 crore in the year-ago period.
Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said, “APSEZ has proven the utility nature of its portfolio of assets by increasing the market share in India to 24 percent in overall cargo. With economy reopening in stages, APSEZ has returned to growth trajectory registering a cargo volume growth of 36 percent on a Q-o-Q basis. Port EBIDTA improves to 71 percent on account of continuous focus on operational efficiency.”

“Our focus continues to be on preserving cash and ensuring adequate liquidity. We continue to increase our free cash generation, in H1 FY21 cash flow from operations after adjusting for working capital changes, capex and net interest cost, stands at Rs 2,884 cr.”

Adani said APSEZ is well on course to achieve 500 million tonne (MT) of cargo throughput by FY2025 and added “our focus remains on improving the free cash generation and ROCE of all our ports to be in excess of 16 percent.”

Adani said the company’s businesses and future investments are aligned to sustainable growth with focus on preserving the environment and added that APSEZ is committed to reduce carbon emission and become carbon neutral by 2025.

“We expect cargo volume in full-year FY21 to be in the range of 245 to 250 MMT including KPCL, which we acquired in October 20, he said. The company said in the first half of the current fiscal free cash flow from operations after adjusting for working capital changes, capex and net interest cost was Rs 2,884 crore against Rs 1,002 crore in the first half of FY2020.

“The said free cash flow is expected to be in the range of Rs 5,500- Rs6,100 cr in the full year of FY21. Our net debt to EBIDTA for H1 FY21 is at 3.44x, this is on account of new debt of USD 750 mn raised for refinancing debt at KPCL level. We expect the ratio to come down within our targeted range of 3x to 3.5x by FY22,” the statement said.

With the easing of lockdown and revival of the economy, cargo throughput at APSEZ rebounded and registered a spectacular growth, the company said and added the growth was across segments and coasts.
It said in October its ports excluding Krishnapatnam Port (KPCL) handled cargo volume of 22 MT which is a growth of 21 percent on a year-on-year basis.

KPCL the newest port in its portfolio handled cargo volume of 3.2 MT.
“For FY21, we expect cargo throughput excluding Krishnapatnam Port to be in the range of 225-230 MT. In addition, Krishnapatnam Port is expected to handle around 20 MMT in H2 FY21,” it said.

The company said on the back of rebound in economic activities, cargo volume bounced back and registered “phenomenal growth of 36% on a Q o Q basis and 7% on a Y o Y basis. All segments of cargo registered growth on a Q o Q basis. While coal registered 30% growth, container grew by 34%, crude by 52% and other bulk cargo registered a growth of 40%,” the statement said.
Non-Mundra ports registered a growth of 28 percent, while Mundra port grew by 40 percent, it said adding, cargo volume at Hazira grew by 45 percent, Kattupalli by 54 percent and Dahej by 145 percent.

“Dhamra our eastern gateway port continues to register double-digit growth. Cargo volume at Dhamra increased by 30 percent on Q o Q basis and 21% on Y o Y basis. LNG and LPG which was added as part of our diversified cargo portfolio in October 2019 gained traction. In Q2 FY21, Mundra Port handled 1,42,000 T of LPG and 5,17,000 T LNG,” it said.

Adani Logistics operates 60 rakes and continues to be the largest private rail operator in India and handled rail volume of 69,061 TEUs (twenty foot equivalent unit) in Q2 of FY21, it added.

APSEZ, a part of Adani Group is the largest port developer and operator in India with 12 strategically located ports and terminals Mundra, Dahej, Kandla and Hazira in Gujarat, Dhamra in Odisha, Mormugao in Goa, Visakhapatnam in Andhra Pradesh, and Kattupalli and Ennore in Chennai and Krishnapatnam in Andhra Pradesh that represent 24 percent of the country’s total port capacity.
The company is also developing a transshipment port at Vizhinjam, Kerala and a container terminal at Myanmar.

Read all earnings here.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bandhan Bank Q2 profit down 5% at Rs 920 cr

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Bandhan Bank on Monday reported 5.3 percent decline in net profit at Rs 920 crore for September quarter of the current fiscal year. The bank clocked a net profit of Rs 971.80 crore in the same period of 2019-20.

Total income grew 22 percent to Rs 2,304.90 crore in July-September 2020-21 as against Rs 1,889.30 crore in the year-ago period, Bandhan Bank said in a regulatory filing. Net interest income of the Kolkata-headquartered lender jumped 25.8 percent to Rs 1,923.1 crore during the quarter while the non-interest income grew 6.1 percent to Rs 381.8 crore.

Bandhan Bank said it has reported the highest ever quarterly profit before tax at Rs 1,233 crore during the period under review. Net Interest Margin (annualised) in the quarter fell to 8 percent against 8.2 percent in year-ago period. During the quarter, the bank took accelerated additional provision on standard advances amounting to Rs 300 crore. With this provision and the additional standard assets provision that bank is carrying in micro banking portfolio, the total additional provision in books stands at Rs 2,096 crore, it said.

The bank’s gross non-performing assets fell to 1.2 percent (Rs 874 crore) of gross advances as of September 30, 2020 as against 1.8 percent (Rs 1,064.20 crore) by the year-ago same period. Net NPAs too improved to 0.4 percent (Rs 262.50 crore) from 0.6 percent (Rs 336.90 crore).

”As the moratorium ended on 31st August 2020 coupled with robust rural performance, we have seen an all-round improvement in collection, disbursement and deposits. On deposits front, we have witnessed the best ever quarter whereas on the disbursement front, we are close to pre-COVID-19 level.”

Collections have seen a steady improvement month-on-month and is expected to reach near normal in the next 90 days. We now look forward to accelerate the business in H2FY 21,” Managing Director and CEO Chandra Shekhar Ghosh said. Total Advances grew 19.4 percent to Rs 76,614.6 crore as on September 30, 2020. Total deposits increased 34.4 percent to Rs 66,127.7 crore.

Bandhan Bank stock was trading at Rs 305.50 on BSE, up 5.62 percent from the previous close.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Zydus Wellness Q2 net loss widens to Rs 105.34 cr

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Zydus Wellness on Monday reported widening of its consolidated net loss to Rs 105.34 crore for the quarter ended on September 30, 2020, from that of Rs 12.02 crore in the year-ago period. Total income stood at Rs 344.80 crore for the reported quarter, up 4.49 percent compared to Rs 329.98 crore for the same period a year ago, Zydus Wellness said in a BSE filing.

During the quarter under review, Zydus Wellness reported exceptional expenses of Rs 97.95 crore against Rs 10.05 crore in the same period a year ago. ”In the process of integration and concluding the merger of the acquired entity, the company incurred various expenses towards transition service agreement (TSA), consultancy fees, stamp duties, legal and professional charges and other incidental charges.

”The company would not have incurred these expenses in the normal course of business and hence these expenses are classified as exceptional items for the quarter and six months ended September 30, 2019, and year ended March 31, 2020,” the company said.

Zydus Wellness said the secured non-convertible debentures (NCDs) that were previously issued by the company have been purchased by its subsidiary company from the market aggregating to Rs 1,10,500 lakh during the quarter ending September 30, 2020 and are held by the subsidiary company as of September 30, 2020. Exceptional expenses also includes the premium amount paid towards purchase of the non-convertible debentures by its subsidiary company.

Zydus Wellness said during the quarter gone by, its key brands namely, Sugar Free, Everyuth Scrub and Everyuth Peel Off, Glucon D and Nycil continued to hold strong positions in their respective categories. The company continued to grow the categories and increase market share of its brands with new offerings and expanding its reach through e-commerce channels and building brand advocacy, during the quarter, it added. Shares of Zydus Wellness were trading 5.66 percent lower at Rs 1,764.80 apiece on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow