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After massive setback on the stock markets following resignations of its auditors, the fruit drink player, Manpasand Beverages Ltd, on Thursday tried to defuse the confusion around its operational stability.
Announcing the financial results, the company reported 1.3 per cent rise in the net profit at Rs 36.38 crore for the first quarter ended June 30, as against the net profit of Rs 35.91 crore in the corresponding quarter a year ago.
Revenues for the first quarter stood at Rs 340 crore higher by 9 per cent as against Rs 311 crore in the corresponding quarter a year ago.
In May 2018, international audit group, Deloitte Haskins & Sells India, had quit as the auditor to Manpasand Beverages barely a few days before the declaration of the company's annual results.
Company's shares had taken a beating with heavy sell out which brought down the share prices from Rs 443.85 on May 24 on NSE to hit a 52-week low of Rs 104.50 on July 27.
However, the shares have seen a revival ahead of the results, with buyer circuit seen on the counter for past five trading sessions. The stock settled at Rs 132.90 on Thursday on NSE.
Company's chairman & MD Dhirendra Singh said, "Issues unrelated to operations caused some spillover and impacted our business in the month of June. Despite this challenge, we managed to perform relatively well and kept ourselves focused on expansion and product development. Operations are now back to normal and we continue to be confident about our growth plans."
He ensured the investors that Manpasand remains confident about the next fiscal year.
"Augmenting our presence through Quick Service Restaurants (QSRs), food chains, and retailers to develop stronger brand recognition for our products among consumers will continue to be the main driver of Company’s growth," he said.
"The company will take this symbiotic growth approach in the coming days too. Product innovation and enhancing the distribution network will be the primary focus areas in our endeavour to create a point of differentiation amongst our local and global competitors," he added.
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