Nutraplus India Reports Q1FY21 Net Loss of ₹127.90 Lakh Amid Operational Challenges
Nutraplus India Limited reported a net loss of ₹127.90 lakh for Q1FY21 ended June 30, 2020, with revenue from operations at ₹0.91 lakh and total income of ₹3.88 lakh. Total expenditures reached ₹131.78 lakh, including depreciation of ₹119.84 lakh and finance cost of ₹6.83 lakh. The company faced operational challenges due to the pandemic and is currently engaged in consultancy services and trading activities. Raman S. Shah & Associates issued a qualified limited review report citing non-compliance with listing requirements and delayed submission of financial information.
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Nutraplus India Limited, a manufacturer of Active Pharmaceutical Ingredients (API) and intermediates, announced its unaudited financial results for the quarter ended June 30, 2020. The Board of Directors approved the quarterly financial results with the Limited Review Report during a meeting held on September 21, 2024. The company reported a net loss of ₹127.90 lakh for the quarter, reflecting significant operational challenges during the pandemic period.
Financial Performance Overview
The company faced severe financial constraints during Q1FY21, with revenue from operations at ₹0.91 lakh and other income contributing ₹2.97 lakh, bringing total income to ₹3.88 lakh. Total expenditures reached ₹131.78 lakh, comprising employee benefit expenses of ₹1.01 lakh, finance cost of ₹6.83 lakh, depreciation and amortisation expenses of ₹119.84 lakh, and other expenditure of ₹6.50 lakh. The company reported a basic and diluted EPS of (₹0.38) for the quarter.
| Particulars | Q1FY21 (Jun 2020) | Q4FY20 (Mar 2020) | Q1FY20 (Jun 2019) | FY20 (Mar 2020) |
|---|---|---|---|---|
| Revenue from Operations | 0.91 | 1,375.98 | 3,158.56 | 10,666.81 |
| Other Income | 2.97 | 6.50 | 3.85 | 14.35 |
| Total Income | 3.88 | 1,382.48 | 3,162.40 | 10,681.16 |
| Employee Benefit Expenses | 1.01 | 215.14 | 171.50 | 733.86 |
| Finance Cost | 6.83 | 143.36 | 159.57 | 743.16 |
| Depreciation & Amortisation | 119.84 | 120.19 | 117.97 | 470.14 |
| Other Expenditure | 6.50 | 953.44 | 307.02 | 1,861.47 |
| Total Expenditures | 131.78 | 4,581.77 | 3,144.78 | 15,463.78 |
| Net Profit/(Loss) | (127.90) | (3,199.29) | 17.62 | (4,782.62) |
| Basic & Diluted EPS (Rs.5/-) | (0.38) | (9.38) | 0.05 | (14.03) |
Operational Challenges and Pandemic Impact
Due to the pandemic situation prevalent in India during 2020 and 2021, the company struggled to carry out its operations on full capacity. However, the company is rendering consultancy services to its clients and is also involved in trading activity in the API industry. The company's operations fall under a single segment, Active Pharmaceutical Ingredient (API).
Auditor's Qualified Review
Raman S. Shah & Associates, Chartered Accountants, issued a qualified limited review report on the unaudited quarterly standalone financial results. The auditors noted non-compliance with listing requirements under the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically regarding timely submission of quarterly results. The auditors emphasized that certain financial data and information necessary to perform the limited review were not provided by the company in a timely manner, significantly impairing their ability to perform a comprehensive review.
Corporate Governance and Compliance
The unaudited standalone financial results have been prepared in accordance with Indian Accounting Standard (IND AS) prescribed under section 133 of the Companies Act, 2013. The Board meeting for Q1FY21 results was held on September 21, 2024, with the limited review completed and submitted on the same date. The financial results are available on the company's website www.nutraplusindia.com as well as on the BSE website www.bseindia.com . Mukesh Naik, Managing Director (DIN: 00412896), signed the financial results on behalf of the Board of Directors.
What strategic measures will Nutraplus India implement to restore operational capacity and return to profitability in subsequent quarters?
How might the company's compliance issues with SEBI listing requirements affect its stock exchange status and investor confidence going forward?
Will Nutraplus India require additional funding or debt restructuring to sustain operations given the massive expenditure-to-revenue gap?
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