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Stock Report
Provogue India Q2 Net up at Rs 7.83 Crores
Posted On : 2008-10-20 00:41:23( TIMEZONE : IST )
Provogue India Ltd has announced the Unaudited financial results for the quarter ended September 30, 2008.
The company has posted a net profit of Rs 78.36 million for the quarter ended September 30, 2008 as compared to Rs 68.18 million for the quarter ended September 30, 2007. Total Income has increased from Rs 948.79 million for the quarter ended September 30, 2007 to Rs 1143.21 million for the quarter ended September 30, 2008.
The company has reported an Earnings Per Share (EPS) of Rs.3.42 for the Quarter ending September 30, 2008 compared to Rs.3.57 for Quarter ending September 30, 2007.
LTG, International Ltd (an investment arm of Lewis Trust Group, UK) has entered into an agreement to invest Rs 569.70 million for a 3.36% stake in a step down subsidiary of the Company. This step down subsidiary holds stake in four infrastructure projects being developed at Aurangabad, Indore, Nagpur and Jaipur.
In the year 2007-08 the Company has raised Rs 3298.20 million by way of preferential issue of shares/warrants for expansion of its retail infrastructure subsidiary, expansion of the current retail network, setup of new retail formats, bringing international brands into India and for general corporate purpose including acquisitions.
The Company has partially utilized the proceeds for investment in its subsidiary and general corporate purposes. Pending utilization of balance funds as at September 30, 2008 the same has been invested, in Mutual Funds, Inter Corporate Deposits and in fixed deposits / current account with Banks.
During the year 2006-2007 the Company has raised an amount of Rs 1386.00 million through preferential allotment of shares and warrants. During the last quarter of 2007-2008 the promoters/ Promoter Group of the Company partially exercised the options under the convertible warrants and were allotted 9,00,000 equity shares on payment of Rs 364.50 million. The Committee, constituted by the Board of Directors of the Company, at their meeting held on September 02, 2008, further allotted 4,33,733 equity shares of Rs 10/- each, on payment of Rs 175.60 million, pursuant to the exercise of the options under the convertible warrants to the Promoters/ members of Promoter Group of the Company.
The Company has partially utilized the above proceeds for investment in its subsidiary, towards other objects and general corporate purposes. Pending utilization of the balance funds as at September 30, 2008 the same has been invested in Mutual Funds, Inter Corporate Deposits and in fixed deposits / current account with Banks.
During the Quarter the Company has opened 3 new stores.
The above results are on a standalone basis and does not include results of subsidiaries, step down subsidiaries, joint ventures and associates.
The stock was trading at Rs.65.90, down by Rs.0.25 or 0.38%. The stock hit an intraday high of Rs.67.95 and low of Rs.63. The total traded quantity was 6934 compared to 2 week average of 57728.
