BackCafe Coffee Day parent delays Q2 results due to ongoing probe in account books
Earlier in August, following the demise of its founder VG Siddhartha, the company had delayed its Q1 results which are yet to be announcedCoffee Day Enterprises has total debt of ₹4,970 crore, according to its regulatory filing on 17 August
PremiumNEW DELHI : Coffee Day Enterprises has announced a delay in its second quarter results. “Due to the ongoing probe in the books of accounts of the company and its subsidiaries there will be delay in submission of unaudited financial results for the 1st quarter ended June 30, 2019 and 2nd quarter, half year ended September 30, 2019 within the prescribed statutory timelines," the company said in the BSE filing.
Earlier in August, following the demise of its founder VG Siddhartha, the company had delayed its Q1 results which are yet to be announced.
In a letter purportedly written by Siddhartha, he said he had failed as an entrepreneur and indicated that he had taken the decision to end his life due to harassment by income tax officials and pressure from lenders and an investor.
Coffee Day Enterprises, which owns and operates India's largest coffee chain Cafe Coffee Day, is reeling under a huge debt.
Coffee Day Enterprises, which owns and operates India's largest coffee chain Cafe Coffee Day, has total debt of ₹4,970 crore, according to its regulatory filing on August 17.
Its major lenders include Standard Chartered Bank, IDBI Bank and Yes Bank. Private equity funds such as KKR & Co, New Silk Route, Affirma Capital and some individual investors of Bengaluru and Mumbai also have exposure to the coffee chain.
Shares of the company ended 5% up at ₹43.30 on BSE on Wednesday.
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