NEW DELHI: Coffee Day Global, the coffee business subsidiary of Coffee Day Enterprises, on Wednesday posted consolidated net loss of Rs 59.38 crore in the second quarter ending September 30, 2020, narrowing losses from the Rs 98.42 crore witnessed in the corresponding period of the previous fiscal.
Revenue from operations, meanwhile, stood at Rs 78.69 crore compared to Rs 364.24 crore in the year-ago period, the company said in a regulatory filing. CGD’s production, procurement, and export division clocked a revenue of Rs 7.52 crore in the second quarter as against Rs 36.31 crore in the same period last year. Retail operations, on the other hand, had a revenue of Rs 79.68 crore as against Rs 368.93 crore in the corresponding quarter last fiscal.
Due to the outbreak of the pandemic and the resultant lockdown beginning March, CGD’s business came to a grinding halt during the first quarter. However, from July onward, the company has been able to recommence business and has seen sales improve gradually every month.
Currently, the company is able to operate almost 90 per cent of the retained cafes and nearly 50 per cent of the retained vending machines, it added. The second quarter saw cafe outlets reduce to 679 from 778, while the number of its coffee vending machines decreased to 49,547 from 53,440.
“The average sales per day has gone up from Rs 4,000 in June 2020 to more than Rs 11,000 in October. Operational vending machines have gone up from 5,000 in April to 26,000 in October. The company therefore foresees no problem in continuing as a going concern,” it noted. Admitting that there has been a delay in repayments, the company said that the overdue amount as on September, 2020, is was Rs 400.85 crore, including an interest of Rs 36.4 crore.