Dharani Sugars & Chemicals reports net loss of Rs8.08cr in Q1; Stock ends higher

The company’s sales rose 22.20% yoy to Rs29.45cr in Q1FY22.

Sep 01, 2021 04:09 IST India Infoline News Service

Dharani Sugars & Chemicals Limited registered a net loss of Dharani Sugars & Chemicals at Rs8.08cr in the quarter ended June 2021 as against a net loss of Rs7.32cr during the previous quarter ended June 2020.

The company’s sales rose 22.20% to Rs29.45cr in Q1FY22 as against Rs24.10cr in Q1FY21. EPS was at Rs(2.43) in Q1FY22 compared to Rs(2.21) per share in Q1FY21.

Dharani Sugars & Chemicals Ltd ended at Rs20.75 per piece up by Rs0.95 or 4.8% from its previous closing of Rs19.80 per piece on the BSE.

The company also informed that the NCLAT bench deferred indefinitely the conducting of the first C0C meeting scheduled on August 27 and stated that the IRP shall continue his duties as per the provisions of the Insolvency and Bankruptcy Code 2016.

Further Course of Action: As per Reg. 17(3) of lBBl (lRPCP) Regulations, 2016, where the appointment of Resolution Professional (RP) is delayed, the IRP shall perform the functions of the RP from the 40th day of CIRP i.e. till an RP is appointed.

Due to the above developments in NCLAT on August 27, 2021.,the first CoC meeting is deferred, and therefore, the appointment of RP may not be done until the first CoC meeting is held. Hence IRP is required to perform the functions of RP from the 40th day of CIRP i.e. September, 2021 till the appointment of RP bv CoC.

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