Coffee Day Enterprises Q2 net profit plunges 60% to Rs 23.83 cr

Coffee Day Enterprises Ltd Wednesday reported a 59.78 per cent fall in consolidated net profit at Rs 23.83 crore for the September quarter due to higher expenses.

The company had reported a net profit of Rs 59.26 crore in the corresponding period of the previous fiscal.

Its total income grew to Rs 1,015.13 crore during the quarter under review, up 12.42 per cent, as against Rs 902.9 crore in the corresponding quarter of the year-ago period, Coffee Day Enterprises said in a BSE filing.

Expenses during the quarter stood at Rs 1,014.99 crore, up 13.83 per cent, as against Rs 891.6 crore a year ago.

The company said board of directors, at its meeting held on 14 November 2018, discussed the potential restructuring of the company's business to segregate its coffee business and its subsidiaries from their non-coffee businesses (including integrated multi-nodal logistics, financial services, development and management of commercial space, hospitality services and investment operation).

"No decision to undertake any restructuring has been taken by the board at this stage," it added.

Shares of Coffee Day Enterprises ended 2.73 per cent higher at Rs 293.90 apiece on the BSE.