Devyani International Ltd, the FMCG arm of RJ Corp, on Friday reported a 20.1 percent decline in its consolidated net profit to Rs 607.20 crore for the quarter ended March 2021. The company had posted a net profit of Rs 759.30 crore in the year-ago period.
Total revenue for the quarter under review stood at Rs 3,091.00 crore, up 28.4 percent from Rs 2,405.30 crore in the corresponding period of the previous financial year. The company said that the results for the quarter were impacted by the higher provisioning towards doubtful debts and impairment of investments.
Commenting on the results, Sanjeev Bagai, Managing Director of Devyani International said, “Our results for the quarter were impacted by higher provisioning towards doubtful debts and impairment of investments. We remain cautiously optimistic on our business prospects.” He also said that the company is focusing on driving operational efficiencies and cost optimization to drive long term growth.