Toyam Sports net standalone profit up 454.54% in Q3FY24

Delhi-based Toyam Sports announced its quarterly results for December 2023. According to an exchange filing, the net standalone sales of the company in Q3FY24 were at Rs 2.29 crore, up 17.3 per cent from Rs. 1.95 crore in December 2022.

Also, the quarterly net profit of Toyam Sports was Rs 1.51 crore in December 2023, up 454.54 per cent from Rs. 0.27 crore in the corresponding quarter a year ago.

The company's EPS  increased to Rs 0.27 in December 2023 from Rs 0.07 in December 2022.

Earlier, the sports production, promotion and management firm's net income jumped to Rs 1.92 crore from Rs 1.40 crore in the June 2023 quarter.

The company recently announced a fundraising plan to the tune of Rs 50 crore through the rights issue.

A rights issue is also a type of corporate event that allows a company's existing shareholders to purchase extra shares in proportion to their existing holdings at a discount price. A rights issue is a way for companies to raise additional funds from their existing shareholders. It is also an opportunity for existing shareholders to increase their exposure to the stock at a discount price.

As per Section 73 of the Companies Act 1956, if a company does not receive the minimum subscription of 90 per cent of the issued amount on the date of closure of the issue, or if the subscription level falls below 90 per cent after the closure of the issue, the issuer should forthwith refund the entire subscription amount received.
 
Also, Toyam Sports Limited's  'Kumite 1 Warrior Hunt' sports web series has been selected for the Kenya International Sports Film Festival (KISFF). According to the company, Kumite 1 Warrior Hunt is India's first sports web series.