Coffee Day posts Q2 net loss of Rs 190 crore, revenue dips to Rs 843 crore

The company had a consolidated net profit of Rs 23.83 crore in the year-ago period

Coffee Day Enterprises on Wednesday reported unaudited management compiled consolidated net loss of Rs 190.02 crore for the second quarter ended September 2019.

The company, which runs the Cafe Coffee Day chain, had a consolidated net profit of Rs 23.83 crore in the year-ago period.

Consolidated revenue from operations during the second quarter stood at Rs 843.16 crore as compared to Rs 979.73 crore in the same period last fiscal, it said.

In a regulatory filing, Coffee Day Enterprises said the investigation into the circumstances leading to the statements of its former chairman, late V G Siddhartha, in his suicide letter and scrutiny of the books of accounts of the company is under progress and is likely to take a few more weeks.

As a result, there will be a delay in submission of unaudited financial results with limited review by auditor for the first and second quarters along with half-year of the ongoing fiscal.

Hence, the company's board in their meeting held on Wednesday approved disclosing "unaudited management compiled standalone and consolidated profit and loss account and segment wise performance for the second quarter ended September 30, 2019 along with financial highlights", it said.

The group is currently in the process of preparing consolidated financial results for the quarter ended June 30, 2019 and quarter and half-year ended September 2019 in terms of SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015, it said.

"The aforementioned consolidated financial results shall be submitted to the stock exchanges upon completion of ongoing investigation," the company added.