Commercial Syn Bags Reports 405% Surge in Q1 Net Profit, Expands Stake in UK Subsidiary
Commercial Syn Bags Limited (COMSYN) reported a 405% year-on-year increase in standalone net profit for Q1 FY24, reaching ₹505.99 lakhs. Revenue from operations grew by 19% to ₹8,938.03 lakhs. Consolidated net profit rose 187% to ₹555.40 lakhs, with revenue up 17.7% to ₹9,051.32 lakhs. The company increased its stake in UK subsidiary Smartlift Bulk Packaging Limited to 50% and acquired Erawat Vegcap Private Limited through its subsidiary. COMSYN also allotted convertible warrants to promoters and received ₹360 lakhs as upfront payment.
24Apr 25
Commercial Syn Bags Subsidiary Revises Share Purchase Agreement with Erawat Pharma, Increases Acquisition Price
Commercial Syn Bags' subsidiary, Comsyn India Private Limited, has amended its Share Purchase Agreement with Erawat Pharma Limited for acquiring Erawat Vegcap Private Limited. The revised deal increases the per-share price from ₹52.60 to ₹58.00 for 9,50,000 shares, totaling ₹5.51 crore. The acquisition is set to complete by May 15, 2025, with a staged payment plan. This move aims to expand Commercial Syn Bags' presence in the plastic products, packaging, and healthcare sectors.