Kamdhenu Ventures has reported net consolidated profit of Rs 2.15 crore during the quarter ended June 30, 2023. It had recorded net consolidated loss after tax of Rs 3.78 crore in the corresponding quarter of the previous fiscal, the company said in the regulatory filing.
The company’s net consolidated total revenue stood at Rs 62.20 crore, a growth of 13.71 per cent from Rs 54.70 crore it recorded in the similar quarter last year.
Saurabh Agarwal, managing director of the company said, “In Q1 FY24, we have seen a turn around in the paints business. Revenues grew by 13% year-on-year to Rs. 62 crore, EBITDA stood at Rs 4 crore as compared to -Rs. 1.2 crore last year. This is due to better product mix, reduction in raw material prices and improved efficiencies. Our PAT has also turned positive to Rs. 2.2 crore for the quarter. The company has raised funds to the tune of Rs. 65.25 crore. We have utilized the same towards reduction of working capital debt of paints business. This will further help improve the profitability of the company. Our target is to achieve revenues of Rs. 1,000 crore by FY28.”
The board of directors of the company has approved the allotment of 3,14,35,500 fully paid up bonus equity shares of Rs. 5 each in the ratio of 1:1 i.e one new fully paid-up equity share of Rs. 5 each for every one existing fully paid up equity share of Rs. 5 each held by the equity shareholders in the company as on August 1, 2023.
During the quarter ended June 30, 2023, the company invested in 0.01% optionally convertible redeemable preference shares (OCRPS) on rights basis issued by its subsidiary company namely Kamdhenu Colour and Coatings at an issue price of Rs 100 per OCRPS (including premium of Rs 90 per OCRPS) aggregated to Rs 57.76 crore.