Vikas Lifecare Ltd. Reports Q1FY23 Results, Net Profit up 680% YoY
Vikas Lifecare Limited (BSE: 542655, NSE: VIKASLIFE) has reported a multifold jump in the net profit for the quarter ended June 30, 2022. The firm clocked a bottom line at Rs 2.59 crore in the first quarter of ongoing fiscal, a rise of about 680 per cent. The company had recorded a net profit of Rs 0.33 crore in the same quarter previous year.
The revenue from operations of the BSE listed firm jumped more than 280 per cent to Rs 92.17 crore in the June 2022 quarter, which was Rs 24.1 crore in the corresponding quarter a year ago. EBITDA of the company rose 73 per cent on a yearly basis to Rs 1.3 crore.
However, it had reported a net profit of Rs 22.98 crore and a revenue of Rs 102.59 crore in the March 2022 quarter, as per official statement.
In another regulatory filing, the company clarified that there are no variations and deviations in utilization of proceeds from rights issue. The company had raised Rs 49.1 crore through rights issue on June 22, 2021.
The company had utilized the net proceeds from the issue for the mentioned purposes as duly stated by it to the bourses under the objectives to undertake the fund-raising exercise, as said in the filing.
Vikas Lifecare Limited engages in the trading of various chemical compounds, polymers, PVC resins, plastic granules, and products related to the plastic industry in India. It operates through Real Estate, Trading- Polymers, Trading-Cashew Nuts, and manufacturing divisions.
Vikas Lifecare Ltd. (VLL) is an ISO 9001:2015 certified company, historically engaged in the business of manufacturing of Polymer and Rubber compounds and Specialty Additives for Plastics, Synthetic &Natural Rubbers. The company has been conventionally engaged in various business segments including Polymer & Rubber Commodity (bulk consumption) Compounds and Master-Batches. Manufacturing Up-Cycled Compounds from industrial and post-consumer waste and scrap materials like EVA, PVC, PP, PE etc., directly contributing to the Environment Protection initiatives from the Government of India and fulfilling the mandated EPR obligations for the conglomerates using hundreds of thousands of tonnes of plastic products and packaging materials.
VLL is also a Del-Credere agent of ONGC– The Oil and Natural Gas Corporation Ltd.” Petro Additions Limited, a public sector undertaking producing a wide variety of base polymers and commodity plastic raw materials.
VLL has a division engaged in Agro Products Business, The Company is empanelled with NAFED – The “National Agricultural Co-Operative Federation of India” and HOFED – The “Uttar Pradesh Horticultural Co-Operative Marketing Federation”.
As a long-term business strategy, the company has most recently diversified it’s business interests beyond raw materials (B2B businesses) and forayed into the B2C segment with a host of consumer products for FMCG, Agro, and Infrastructure Segments; paving way for an aggressive business growth with adding intricately planned and selected product portfolios via acquisitions, joint ventures and tie-ups. VLL intends establishing / acquiring businesses in diverse segments thereby expanding its business stakes and a footprint across the country and beyond.
The company recently acquired 75% stake in Genesis Gas Solutions Pvt. Ltd. Engaged in the business of Smart Gas Meters being supplied to all the major Gas Distribution Companies for domestic and commercial consumers. Genesis pioneers in Smart Gas and Water Metering and commands about 20% of the Domestic Gas Metering business share in India
News Mania Desk
