Vikas Lifecare's profit jumps 6.8x in Q1, Revenue almost tripled

New Delhi: Vikas Lifecare Limited has reported a multifold jump in the net profit for the quarter ended June 30, 2022. The diversified firm clocked a bottomline 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.

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.

EBITDA of the company rose 73 per cent on a yearly basis to Rs 1.3 crore. However, rising inflationary pressure dented its margins at 1.4 per cent in the Q1FY23, which were 3.1 per cent in Q1FY22 and 2.08 per cent in Q4FY22.

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.

Vikas Lifecare, formerly known as  Vikas Multicorp Limited, is on its path to raise Rs 200 crore (2,000 million) through qualified institutional placement (QIP) in multiple tranches.

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.

Incorporated in 1995, the Delhi based company is also involved in the real estate business; and the manufacture of recycled material for automotive, packaging, sheathing, and textile industries.