Vikas Lifecare hits the roof after subsidiary bags order worth Rs 5.5 cr from Aavantika Gas

17 Jan 2022 , 01:00 PM

Aavantika Gas is a Joint Venture (JV) of GAIL (India) and Hindustan Petroleum Corporation (HPCL) under the Ministry of Petroleum and Natural Gas, Government of India.

Last week, Vikas Lifecare had entered into definite agreement with the existing promoters/ shareholders for acquiring 75% equity of Genesis Gas Solutions (Genesis) in a cash deal amounting Rs 25 crore, payable in stages within a period of 3 months. Vikas Lifecare is in the process of acquiring 75% equity of Genesis Gas Solutions, a company engaged in the business of developing smart products including smart gas meters & power distribution solutions for the infrastructure segment.

Post completion of the acquisition process Genesis Gas Solutions, it shall become subsidiary of the company and start contributing significantly in consolidated revenue and profits. Vikas Lifecare planned to move further ahead with the objective of broad-basing the product portfolio, diversifying into futuristic and unique product lines, new edge businesses, complimenting and supplementing the existing business lines of the company.

Vikas Lifecares net profit rose 725.81% to Rs 2.56 crore in the quarter ended September 2021 as against Rs 0.31 crore during the previous quarter ended September 2020. Net sales rose 111.83% to Rs 67.49 crore in the quarter ended September 2021 as against Rs 31.86 crore during the previous quarter ended September 2020.

Vikas Lifecare engages in the trading of various chemicals compounds, polymers, PVC resins, plastic granules, and products related to plastic industry in India. It operates through real estate, trading-polymers, trading-cashew nuts and manufacturing divisions.

The scrip hit 52-week high at Rs 6.88 during intraday trade.

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