Sindhu Trade Links hit an upper circuit limit of 5% at Rs 115.75 after the company said it has reduced its bank debt by Rs 104.15 crore, almost 1/3 of its peak bank-debts.
The company said it has repaid Rs 78.47 crore bank debt in first 9 month of the current financial year and it aims to be debt free by 2023.Commenting on the development, Satya Pal Sindhu, managing director of the company said I am very happy that we are moving towards becoming a Zero Debt Company, repayment of bank-debts amounting more than Rs. 1000 million in last 15-18 months not only shows resolve of the company management but also signifies company's financial strength. The bank-debt reduction will result into huge perpetual savings in interest expense, increased profitability and stronger financials, better credit ratings etc. We are working on other alternative plans also to augment the long-term resources in order to reduce the bank-debt further and confident of becoming debt-free earlier than the envisaged timelines."
On 3 February 2022, the company said that it has applied to National Stock Exchange of India Limited (NSE) to get direct listing (Mainboard) for its equity shares.
Meanwhile, the company had fixed 4 February 2022 as the record date for the proposed 10-for-1 stock split.
Sindhu Trade Links is a 'one-stop shop' for a wide spectrum of support services required for mining and allied activities, logistics and transportation. On a consolidated basis, it reported net loss of Rs 28.24 crore in Q2 September 2021 as against net profit of Rs 1.54 crore in Q2 September 2020. Net sales rose 4.62% to Rs 197.58 crore in Q2 September 2021 over Q2 September 2020. The company's board will consider Q3 results on 9 February 2022.
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