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Mindtree sale brews Coffee Day net in Q1

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Bengaluru, Nov 14 (IANS) Coffee Day Enterprise Ltd (CDEL) on Wednesday reported Rs 1,509 crore net profit for the first quarter (Q1) of fiscal 2019-20, on the back of Rs 1,659 crore-gain from the sale of equity stake held in its former software major Mindtree.
 

As the net profit was Rs 21 crore in the first quarter of last fiscal 2018-19, the year-on-year growth was an astronomical 7,086 per cent, as filed on the BSE on August 9, 2018.

Mumbai-based Larson and Toubro (L&T) Ltd had acquired 60.06 per cent controlling equity stake in Mindtree during the quarter under review.

The city-based company posted Rs 942 crore revenue from sales in the first quarter as against Rs 979 crore posted in the year ago quarter, with a flat growth, the company said.

The Earnings before, interest, tax, depreciation and ammortisation (Ebitda) grew a record 830 per cent to Rs 1,879 crore y-o-y from Rs 202 crore a year ago.

"The company’s subsidiary Coffee Day Global Ltd, which runs the flagship business, showed resilience in difficult conditions," claimed the company in a statement.

Retail revenue was Rs 361 crore for the quarter as against Rs 365 crore posted a year ago, indicating a flat growth.

The board also approved Malavika Hegde or Coffee Day Global chief financial officer Jayaraj Hobli to finalise the agencies for commercial, legal and financial due diligence for the stake divestment in the company.

As the investigation is underway into the alleged suicide of its founder-chairman V. G. Siddartha, the board of directors approved disseminating the results.

Meanwhile, the company informed the BSE that board director Sanjay Nayyar has resigned on November 11.

 

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