Coffee Day posts Q1 net profit of Rs 1,672 cr, aided by Mindtree stake sale

Coffee Day Enterprises Ltd on Friday reported a consolidated net profit of Rs 1,672.41 crore for the April-June quarter, helped by stake sale in Mindtree.

The company had posted a net profit of Rs 21.06 crore in the April-June quarter a year ago, Coffee Day Enterprises Ltd (CDEL) said in a BSE filing.

Its revenue from operation was down 4.06 per cent to Rs 926.80 crore as against Rs966.04 crore in the corresponding quarter of the last fiscal.

Total expenses stood atRs 1,128.57 crore in the June quarter of FY21, as against Rs 981.16 crore a year ago, up 15.02 per cent.

It had a loss of Rs 181.49 crore before share of equity accounted investees and exceptional items and taxes.

During the April-June quarter of FY21, the company has declared income of Rs 1,941.95 crore in the exceptional items from sales of share of the company and its subsidiaries in Mindtree to Larsen & Toubro.

"During the quarter ended June 30, 2019, the company has recorded the gain on sale ofsuch share net of transactions cost as an exceptional item amounting to Rs 1,975 crore. The exceptional item of the quarter ended June 30, 2019 includes loss of Rs 23 crore on sale of share held in Global Edge Software and Rs 10 crore impairment of certain intangible assets by a subsidiary, said CDEL.

CDEL's revenue from coffee and related business was at Rs 442.57 crore, down 6.20 per cent, as against 471.85 crore in the corresponding quarter a year ago.

While revenue from integrated multimodal logistics was up 11.91 per cent to Rs 362.07crore as against Rs 323.51 crore.

Revenue from Financial services was down 48.33 per cent to Rs 66.38 crore as against Rs 128.48 crore.

Leasing of commercial office space was up 22.53 per cent to Rs 45.03 crore as against Rs 36.75 crore.

Revenue of its subsidiary Coffee Day Global, which operates Caf Coffee Day chain, was at Rs 442.57 crore, down 6.18 per cent, during the quarter as against Rs 471.85 crore a year ago.

Its cafe outlet counts have also gone down to 1,480 during the quarter from 1,742 a year ago.

However, the count of its vending machines rose to59,115 from 49,397.

Shares of Coffee Day Enterprises on Friday settled atRs 19.60 apiece on the BSE, up4.81 per cent from the previous close.