Coffee Day Enterprises, the popular beverage company, has seen a significant decline in its share price, dropping 9.4% in early trade on Thursday, following the news of its default on a total of Rs 479.68 crore in loan repayments and unlisted debt securities during the quarter ended March 31, 2022.
The company has defaulted on Rs 224.88 crore in loan repayments and Rs 200 crore in payments of unlisted debt securities, including non-convertible debentures and non-convertible redeemable preference shares.
The default on the payment of interest on these debt securities amounted to Rs 49.02 crore for the quarter.
The company had reported a consolidated net profit of Rs 18.80 crore for the third quarter ended on December 31, 2021, and revenue from operations for the October-December 2021 period declined 31.41% to Rs 183.49 crore.
In the third quarter ending on December 31, 2021, Coffee Day Enterprises reported a consolidated net profit of Rs 18.80 crore. This is in contrast to the corresponding period of the preceding fiscal year, where the company had posted a net loss of Rs 110.41 crore.
This news has caused the company's share price to drop to a low of Rs 54, compared to its previous close of Rs 59.60 on the Bombay Stock Exchange.