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Kwality net loss narrows to Rs 14.52 crore in September quarter

Debt-ridden dairy firm Kwality on Thursday reported narrowing of its consolidated net loss to Rs 14.52 crore for the September 2020 quarter.

Kwality | Indian companies | Dairy companies

Press Trust of India  |  New Delhi 


Debt-ridden dairy firm on Thursday reported narrowing of its consolidated net loss to Rs 14.52 crore for the September 2020 quarter.

Its net loss stood at Rs 18.36 crore in the corresponding quarter of the previous financial year, according to a regulatory filing.

The company's net income during July-September 2020 declined to Rs 25.47 crore, compared with Rs 32.25 crore in the year-ago period.

Expenses remained lower at Rs 40 crore, against Rs 50.61 crore a year ago.

In 2018, the National Company Law Tribunal (NCLT) ordered insolvency proceedings in on a petition filed by global private equity firm KKR.

Since no resolution could take place, liquidation proceedings have been initiated and the matter is now listed on December 11 this year, the filing added.

Shares of the company on Thursday rose 2.44 per cent to settle at Rs 2.55 apiece on the BSE.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Thu, November 12 2020. 19:15 IST