Toyam Sports’ net expenses witnessed a significant reduction in Q2FY24, amounting to Rs 0.52 crore, compared to Rs 8.97 crore in Q2Y23 and Rs 1.80 crore in Q1FY24.
Stock Market News: Toyam Sports has released its financial results for the quarter ended 30th September 2023. The company on Thursday said in an exchange filing that on a standalone basis, its net income stood at Rs 1.92 crore compared to Rs 0.09 crore in the same quarter of the previous fiscal and Rs 1.40 crore in the June 2023 quarter. Toyam Sports’ net expenses witnessed a significant reduction in Q2FY24, amounting to Rs 0.52 crore, compared to Rs 8.97 crore in Q2Y23 and Rs 1.80 crore in Q1FY24.
This substantial decline in expenses contributed to a notable turnaround in the company’s financial performance, resulting in a standalone net profit of Rs 1.39 crore during the quarter under review, reversing the net loss of Rs 8.88 crore incurred in the same quarter of the previous fiscal year.
Following the necessary Board and shareholder approval, the company issued 1393 lakh equity shares with a face value of Rs. 1 each to non-promoter entities during the half-year ended on a preferential basis. The issue price of each equity share was Rs. 13.5, plus a premium of Rs. 12.5 per share.
In a recent announcement, the company outlined its intention to utilize a rights issue to raise capital amounting to Rs 50 crore. The Board of Directors has authorized the issuance of partially paid-up equity shares via a rights issue to eligible equity shareholders on record as of a yet-to-be-disclosed date. This endeavor aims to gather funds up to a total of Rs 50 crore.
To recall, the Toyam Sports Limited had announced that one of its web series, “Kumite 1 Warrior Hunt,” had won the coveted “Best Sports Web Series” 2023 award at the prestigious 6th Kenya International Film Festival (KISFF), which is the premier African film festival.
The shares of Toyam Sports, which has Bollywood actor Sunil Shetty as a brand ambassador, were trading at Rs 5.32 apiece on Friday.