Vikas Ecotech Q2 Results: Revenue Reaches Rs 60.74 Cr, PAT Up 14%

Vikas Ecotech Ltd is a small cap company in the chemical sector. The company has declared its financial results for the quarter ended 30th September 2023. The company said its revenue from operations stood at Rs 60.74 Cr in Q2FY24 compared to Rs 57.69 Cr in Q1FY24 and Rs 134.33 Cr in Q2FY23, representing a YoY fall of 54.78% and a QoQ gain of 5.28%.

The company said its net income stood at Rs 60.49 Cr during the quarter under review compared to Rs 58.89 Cr in the June 2023 quarter and Rs 134.93 Cr in the Q2 of FY23.

The company said its net expenses stood at Rs 58.13 Cr in the September 2023 quarter compared to Rs 56.81 Cr in the June 2023 quarter vs Rs 131.25 Cr in the September 2022 quarter.

Vikas Ecotech said its Q2FY24 net profit stood at Rs 1.76 Cr vs Rs 1.54 Cr in Q1FY24 compared to Rs 3.49 Cr in Q2FY23, representing a QoQ gain of 14.28% but a YoY fall of 49.57%.

Revenue from one customer of the Infra & Energy Segment accounted for almost Rs. 2090.36 lakhs of the total revenue for the quarter ended in September 2023. The same segment revenue accounted for almost Rs. 4295.98 lakhs of the total income for the six months ended in September 2023.

The company raised Rs 49.98 Cr. during the quarter and half year that ended on September 30, 2023, by issuing 16,12,80,000 shares to qualified institutional placements at a face value of Rs 1 each and an issue price of Rs 3.10 (plus a premium of Rs 2.10 per equity share) at its meeting on September 13, 2023.

The company issued 10,00,00,000 compulsorily convertible warrants under preferential allotment to Mr. Vikas Garg at face value of Rs. 1 each at issue price of Rs. 3.40 (including a premium of Rs. 2.40 per equity share) at its meeting held on August 31, 2023, raising funds of Rs. 34.00 Cr. during the quarter and half year ended September 20, 2023.

The company raised Rs 49.98 Cr. for the quarter ended June 2023 by issuing 17,85,00,000 shares at face value of Rs 1 each to qualified institutional placements at an issue price of Rs 2.80 (plus a premium of Rs 1.80 each equity share) at its meeting on June 12, 2023.

On Thursday, the shares of Vikas Ecotech were trading on the BSE at Rs 3.52 apiece.