Companies

Coffee Day Enterprises posts net loss of ₹154 crore

Our Bureau Bengaluru | Updated on January 29, 2020 Published on January 29, 2020

Coffee Day Enterprises has posted a net loss of ₹154 crore for the second quarter of this fiscal on revenues of ₹843 crore, down 14 per cent on a y-o-y basis.

Coffee Day Global, the company’s subsidiary which deals with its coffee business, posted a net loss of ₹73 crore, while revenues were down 5.5 per cent to ₹356 crore on a y-o-y basis. These are unaudited management-complied standalone results. Meanwhile, the company’s cafe outlet count was down by 249 units to 1,469, while vending machines were up 7,808 units to 59,402 units.

In a filing with BSE, the company, founded by the late VG Siddhartha, said there will be a delay in releasing the unaudited results for the first and the second quarter. It said the probe panel appointed to investigate the circumstances leading to the statements made in the letter of former Chairman Siddhartha dated July 27, 2019, and to scrutinise the books of accounts of the company and its subsidiaries, is expected to submit the report later. “The said assignment is under progress and is likely to take a few more weeks for completion.”

Hence, there will be a delay in the submission of unaudited financial results (with the limited review by the auditor) as stipulated under Regulation 33 of Listing Regulations, for the first quarter ended June 30, 2019, and the second quarter, half-year ended September 30, 2019, within the prescribed statutory timelines.

Hence, the company board decided to release the unaudited management-compiled standalone and consolidated profit and loss account and segment-wise performance for the second quarter ended September 30, 2019, along with the financial highlights of Coffee Day Enterprises.

The BSE had sent a notice to the company warning it will suspend trading of the company shares if the quarterly results are not released by January 29.

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Published on January 29, 2020
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