Vikas Lifecare posts over twofold jump in Q2 profit

Vikas Lifecare, a del-credere agent of Oil and Natural Gas Corporation Ltd. (ONGC), has announced its quarterly result for the July-September period. The company said that it has reported a net profit of Rs 7.65 crore. This represents a jump of more than 200 per cent on a year-over-year (YoY) basis.

The firm had posted a net profit of Rs 2.45 crore in the same quarter of the last year. In the preceding quarter, the net profit stood at Rs 11.69 crore.

For the six-month period ended September 30, 2023, the company posted a net profit of Rs 19.35 crore as against a net profit of Rs 5.19 crore that it had reported in the six-month period ended September 30, 2022.

The total income during the six-month period of the current financial year came in at Rs 233.25 crore. It had clocked a total income of Rs 227.34 crore in the same period of FY23.

Vikas Lifecare is a del-credere agent of the country's largest crude oil and natural gas producer ONGC which contributes around 71 per cent to the total domestic production. The Delhi-based firm is mainly engaged in trading and manufacturing of polymer, rubber compounds and additives for plastics, synthetic and natural rubber.

Meanwhile, Vikas Lifecare Ltd plans to raise up to Rs 97 crore through the issuance of warrants on a preferential basis. The board of the company has already approved the Rs 97-crore fundraising proposal, Vikas Lifecare said in a statement on Saturday.

Under the proposal, the company aims to raise up to Rs 97 crore through the issuance of 24.25 crore fully convertible warrants at an issue price of Rs 4 each. The amount raised will be utilised towards working capital and for supporting the expansion plan, it said.