IDBI Capital: Safari Industries Logs Weak Q2, Cost Cutting Measures Continue
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IDBI Capital Report
Safari Industries India Ltd. reported weaker than expected revenue/profitability in Q2 FY21 as its sales were marred down by weakness in travel and tourism industry.
The company’s net sales fell by 63% YoY at Rs 629 million; Ebitda loss stood at Rs 53 million in Q2 FY21.
Reported net loss was Rs 90 million in Q2 FY21 compared to net profit of Rs 80 million in Q2 FY20.
Interestingly, despite the Ebitda loss of Rs 353 million in H1 FY21, its operating cash flow was positive at Rs 222 million in H1 FY21 on improvement in working capital.
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