Zydus Wellness Q2 net loss widens to Rs 105.34 crore

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November 2, 2020 3:40 PM

Zydus Wellness on Monday reported widening of its consolidated net loss to Rs 105.34 crore for the quarter ended on September 30, 2020, from that of Rs 12.02 crore in the year-ago period.

During the quarter under review, Zydus Wellness reported exceptional expenses of Rs 97.95 crore against Rs 10.05 crore in the same period a year ago.

Zydus Wellness on Monday reported widening of its consolidated net loss to Rs 105.34 crore for the quarter ended on September 30, 2020, from that of Rs 12.02 crore in the year-ago period. Total income stood at Rs 344.80 crore for the reported quarter, up 4.49 per cent compared to Rs 329.98 crore for the same period a year ago, Zydus Wellness said in a BSE filing. During the quarter under review, Zydus Wellness reported exceptional expenses of Rs 97.95 crore against Rs 10.05 crore in the same period a year ago.

“In the process of integration and concluding the merger of the acquired entity, the company incurred various expenses towards transition service agreement (TSA), consultancy fees, stamp duties, legal and professional charges and other incidental charges. “The company would not have incurred these expenses in the normal course of business and hence these expenses are classified as exceptional items for the quarter and six months ended September 30, 2019, and year ended March 31, 2020,” the company said.

Zydus Wellness said the secured non-convertible debentures (NCDs) that were previously issued by the company have been purchased by its subsidiary company from the market aggregating to Rs 1,10,500 lakh during the quarter ending September 30, 2020 and are held by the subsidiary company as of September 30, 2020. Exceptional expenses also includes the premium amount paid towards purchase of the non-convertible debentures by its subsidiary company.

Zydus Wellness said during the quarter gone by, its key brands namely, Sugar Free, Everyuth Scrub and Everyuth Peel Off, Glucon D and Nycil continued to hold strong positions in their respective categories.  The company continued to grow the categories and increase market share of its brands with new offerings and expanding its reach through e-commerce channels and building brand advocacy, during the quarter, it added.  Shares of Zydus Wellness were trading 5.66 per cent lower at Rs 1,764.80 apiece on the BSE.

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