Mindtree stake sale lifts Coffee Day Enterprise Q1 net

Coffee Day Enterprises Ltd (CDEL) on Wednesday announced a net profit of Rs 1,509 crore on the back of an exceptional gain amounting to Rs 1,659 crore from the sale of equity stake held in Mindtree, in the e unaudited, management-compiled results for the June quarter.

The company’s EBITDA was up 817% at Rs 1879 crore, while quarterly revenue declined 2% at Rs 942 crore, it said in a BSE filing.

The company approved disclosing the management guided first-quarter numbers since an investigation into the circumstances leading to statements made in the letter of the former Chairman V G Siddhartha and to scrutinise the books of accounts of the Company and its subsidiaries are pending.

The assignment is under progress and is likely to take a few more weeks for completion, it said in a BSE filing.

Announces delay

Meanwhile, the company has announced a delay in its second-quarter results.

“Due to the ongoing probe in the books of accounts of the company and its subsidiaries there will be delay in submission of unaudited financial results for the 1st quarter ended June 30, 2019, and 2nd quarter half-year ended September 30, 2019 within the prescribed statutory timelines,” the company said in the BSE filing.

The company’s material subsidiary, Coffee Day Global Ltd, which holds the flagship coffee business saw a dip in revenue at Rs 361.2 crore, down 0.9% from Rs 364.5 crore in the year-ago period.

The unit reported Rs 67.8 crore of EBIDTA and cash profit of Rs 5 crores

Meanwhile, KKR India chief executive Sanjay Nayar has resigned from the board of Coffee Day Enterprises, the company said in BSE filing on Wednesday.

It did not specify any reason for his resignation. KKR owns a 6.07% stake in Coffee Day Enterprises