Chennai-based domestic appliance maker Butterfly Gandhimathi Appliances has reported a net loss of ₹19 crore for the quarter ended March 31, 2022, as against a net profit of ₹9 crore for the corresponding quarter last year. Revenue was down by 3 per cent to ₹199 crore (₹206 crore), according to a company announcement to the Bombay Stock Exchange.
For the year ended March 31, 2022, the net profit was down by more than half to ₹16 crore (₹36 crore) on increased revenue of ₹1,005 crore (₹870 crore).
On February 22, 2022, a Share Purchase Agreement (SPA) was entered into amongst the company, erstwhile promoters and certain members of the erstwhile promoter group of the company and Crompton Greaves Consumer Electricals (Crompton) for the sale of 55 per cent of the issued and paid-up equity share capital of the Company.
Subsequent to the acquisition of 55 per cent of the issued and paid-up equity share capital of the company, Crompton has become the promoter and holding company of the company from March 30, 2022, the results statement said.
The public announcement in connection with the open offer was made by Crompton on February 22, 2022 for acquisition of 26 per cent of the voting share capital of the company from the public shareholders of the company. The draft letter of the open offer was filed by Crompton with the Securities & Exchange Board of India on March 04, 2022 and SEBI gave final observations on May 10, 2022. Pursuant to this, Crompton will further progress on the open offer process, the statement said.
The company’s share price on the BSE closed at ₹1,401.50, down by 0.06 per cent.