Manpasand Beverages Ltd. today reported a profit in the quarter ended March after postponing the earnings announcement as former auditor, Deloitte Haskins & Sells, resigned last month.
Net profit of the beverage maker rose 36.6 percent from last year to Rs 42.7 crore, the company said in its filing with the stock exchanges. The top line increased 44 percent to Rs 384.7 crore in the same period.
Earnings before interest, tax, depreciation and amortisation rose 40.8 percent to Rs 72.8 crore year-on-year, while margins contracted 50 basis points to 18.9 percent.
Former auditor Deloitte Haskins & Sells resigned last month because the juice maker didn’t share “significant information” sought by it for the “purpose of audit of the financial results” despite repeated requests, the auditor had said in a letter filed with the Registrar of Companies.
Manpasand called the resignation “coincidental and a minor hiccup” but did not disclose any reason in its filing with the stock exchanges.
Shares of Gujarat-based Manpasand Beverages rose as much as 4.6 percent to Rs 154.50. The stock declined 15.6 percent between January and March compared to a 3.2 percent decline in the country’s benchmark index, the Sensex.