Medi Caps Limited Reports Q1 Loss, Schedules AGM and Announces Board Changes
Medi Caps Limited faced substantial challenges in Q1 ending June 30. Standalone operations reported no revenue and a net loss of Rs 39.75 lakhs. Consolidated results showed a 56.61% decrease in revenue to Rs 268.76 lakhs and a widened net loss of Rs 349.19 lakhs. The Pharma Division generated Rs 268.76 lakhs in revenue but reported a segment loss of Rs 308.14 lakhs. The Real Estate Division had no revenue and a loss of Rs 39.75 lakhs. The Board scheduled the 42nd AGM for September 18, appointed Joshi Sahay and Company as Secretarial Auditor, and proposed re-appointment of Mr. Dharmendra Solanki as Independent Director.
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Medi Caps Limited , a pharmaceutical company, has reported its financial results for the first quarter, ending June 30. The company faced significant challenges during this period, with both standalone and consolidated financials showing losses.
Standalone Financial Performance
On a standalone basis, Medi Caps Limited reported:
- No revenue from operations for the quarter, compared to Rs 29.02 lakhs in the same quarter of the previous year
- A net loss of Rs 39.75 lakhs, contrasting with a profit of Rs 33.17 lakhs in the corresponding quarter last year
- Other income of Rs 31.33 lakhs, up from Rs 10.72 lakhs in the previous year's quarter
Consolidated Financial Results
The consolidated financial results, including the performance of its wholly-owned subsidiary Medgel Private Limited, are as follows:
| Particulars (in Rs. Lakhs) | Current Quarter | Previous Quarter | % Change |
|---|---|---|---|
| Revenue from Operations | 268.76 | 619.44 | -56.61 |
| Total Income | 302.25 | 634.03 | -52.33 |
| Net Loss | -349.19 | -57.10 | 511.54 |
| Total Comprehensive Income | -196.75 | 103.96 | -289.25 |
The consolidated revenue from operations decreased by 56.61% year-over-year to Rs 268.76 lakhs. The company's net loss widened significantly to Rs 349.19 lakhs, compared to a loss of Rs 57.10 lakhs in the same quarter of the previous fiscal year.
Segment Performance
Medi Caps Limited operates in two segments:
- Pharma Division: Generated revenue of Rs 268.76 lakhs but reported a segment loss of Rs 308.14 lakhs before tax and interest.
- Real Estate Division: Did not generate any revenue and reported a loss of Rs 39.75 lakhs before tax and interest.
Corporate Actions and Board Decisions
The Board of Directors, in their meeting held on August 5, made several key decisions:
Annual General Meeting: The 42nd Annual General Meeting (AGM) is scheduled for September 18, to be held through Video Conferencing or Other Audio-Visual Means.
Appointment of Secretarial Auditor: Joshi Sahay and Company, Practicing Company Secretaries, have been appointed as the Secretarial Auditor for a period of five consecutive years, subject to shareholder approval at the upcoming AGM.
Re-appointment of Independent Director: Mr. Dharmendra Solanki has been re-appointed as a Non-Executive Independent Director for a second term of five years, subject to shareholder approval at the AGM.
Conclusion
The significant decline in revenue and widening losses indicate challenging market conditions for Medi Caps Limited, particularly in its pharmaceutical operations. Investors and stakeholders will be keenly watching the company's performance in the coming quarters for signs of recovery and the impact of any strategic initiatives to improve financial results.
Shareholders and interested parties can access the detailed financial results on the company's website at www.medicaps.com and on the BSE website at www.bseindia.com .
Historical Stock Returns for Medi Caps
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +6.51% | -1.66% | -12.03% | -22.51% | -36.55% | +48.13% |
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