Toyam Sports Q2 Results: Revenue Jumps To Rs 1.92 Cr On Healthy PAT

Toyam Sports a small-cap company in the finance sector has released its financial results for the quarter ended 30th September 2023. On Thursday, the company said that on a standalone basis, its net income stood at Rs 1.92 Cr compared to Rs 0.09 Cr in the same quarter of the previous fiscal and Rs 1.40 Cr in the June 2023 quarter.

Its net expenses reached Rs 0.52 Cr in Q2FY24 compared to Rs 8.97 Cr in Q2Y23 and Rs 1.80 Cr in Q1FY24. Toyam Sports reported a standalone net profit of Rs 1.39 Cr during the quarter under review as against a net loss of Rs 8.88 Cr stood in the year-ago quarter.

The company's sole primary business activity is sports promotion. Following the necessary Board and shareholder approval, the company issued 1393 lakh equity shares with a face value of Rs. 1 each to non-promoter entities during the half-year ended on a preferential basis. The issue price of each equity share was Rs. 13.5, plus a premium of Rs. 12.5 per share.

The company recently revealed plans to employ a rights issue to raise funds totalling Rs 50 crore. The Board of Directors authorised the issuance of partially paid-up equity shares by way of rights issue to the eligible equity shareholders as of record date to be announced subsequently in due course in order to raise funds for an aggregate sum not to exceed Rs 50 crore.

Not too long ago, Toyam Sports Limited announced that one of its web series, "Kumite 1 Warrior Hunt," had won the coveted "Best Sports Web Series" 2023 award at the prestigious 6th Kenya International Film Festival (KISFF), which is the premier African film festival.

The shares of Toyam Sports, which has Bollywood actor Sunil Shetty as a brand ambassador, were trading at Rs 5.32 apiece on Friday.