On Thursday, Coffee Day Enterprises Ltd reported a consolidated net loss of INR 109.15 crore for the second quarter ending in September 2023, citing exceptional items.
According to a regulatory filing from Coffee Day Enterprises Ltd (CDEL), the company had posted a profit of INR 4.35 crore in the July-September period a year ago.
Nevertheless, the second quarter of the current fiscal saw a 12.75% increase in revenue from operations, reaching INR 258.40 crore, compared to INR 229.16 crore in the corresponding period of the previous year.
It incurred costs amounting to INR 119.22 crore in exceptional items.
Before factoring in exceptional items and taxes, CDEL recorded a profit of INR 3.50 crore.
“During the Quarter ended 30 September 2023, Tanglin Developments Limited(subsidiary) has received its Global Village Second tranche sale proceeds of INR 349 crores prost deductions of certain expenses incurred by GV Tech Parks on behalf of the Tanglin Developments Limited(subsidiary) and for non-satisfaction of certain CP’s as agreed in the investment agreement and an amount of INR 45.22 crores is shown as an expense under exceptional items,” it said.
Additionally, Tanglin Developments fulfilled its corporate guarantee liability by repaying INR 93 crore, adhering to the terms outlined in the settlement agreement with the lender of Coffee Day Global Ltd and Sical Logistics, concluding the matter in full and final settlement.
“Of INR 93 crores, an amount of INR 50 crores was paid towards corporate guarantee obligation of Sical Logistics Limited. Since, Sical Logistics Limited’s resolution process is completed and judgment given on 8th December 2022. No amount is recoverable and same is shown as an expense under exceptional items,” it said.
Total expenses for the September quarter stood at INR 258.46 crore, reflecting a 5.18% increase.
In Q2/FY24, income from the coffee and related business amounted to INR 247.53 crore, while INR 11.32 crore was generated from hospitality services.
Revenue for the September quarter reached INR 261.96 crore, marking a 4.79% increase.
On Thursday, Coffee Day Enterprises Ltd shares concluded at INR 48.63 on BSE, reflecting a 1.30% decline.