Sical Logistics posts Rs 11 cr loss in Q4 FY20
Aug 17, 2020
Bengaluru (Karnataka) [India], Aug 17 : Coffee Day Group subsidiary Sical Logistics on Monday posted a consolidated loss of Rs 11 crore in the quarter ended March as compared to a profit of Rs 13 crore in the Q4 FY19.
Revenue from operations fell to Rs 159 crore in Q4 FY20 from Rs 426 crore while total expenses nearly halved to Rs 208 crore from Rs 408 crore in Q4 FY19.
The company has not serviced debt on due dates to the banks and financial institutions amounting to Rs 151 crore comprising of the principal of Rs 110 crore and interest of Rs 41 crore, said Chairman R Ram Mohan.
Sical has made significant investments in logistics-related infrastructure and expanded various business segments like mining, port logistics, road and rail transport, container freight station, warehousing and shipping.
In addition, it provides offshore support services to the oil and gas industry and owns and operates a 2006 built cutter suction dredger.
However, its promoter V G Siddhartha was found dead a year ago and many suspected that he had died by suicide.
Since his death in July last year, Coffee Day Enterprises Ltd (CDEL) has been trying to divest its assets to pare debts.
