EKI Energy Services reported a net loss of Rs 29.10 crore in the March quarter, down from Rs 47.75 crore a year ago, driven by reduced expenses. The company's total income also declined.
New Delhi, May 12 (PTI) EKI Energy Services on Sunday reported that its consolidated net loss fell to Rs 29.10 crore during the March quarter, helped by reduced expenses.
Its net loss was at Rs 47.75 crore during the year-ago period, the company said in an exchange filing.
The company's total income fell to Rs 85.64 crore from Rs 103.77 crore in the January-March quarter of the preceding fiscal.
EKI Energy Services trimmed its expenses to Rs 114.73 crore during the quarter from Rs 161.60 crore in the year-ago period.
MD Manish Dabkara said, "Our financial position remains strong, with cash and cash equivalent totalling over Rs 140 crore as of March 31, 2024 (in the form of fixed deposits, mutual funds and bank balances), and exceeding Rs 160 crore as of today, providing us with the resources to navigate these unfavourable times."
The board has approved a proposal to acquire 49 per cent equity shares of Glofix Advisory Services Private Limited, a subsidiary company, in addition to the 51 per cent stake already held by EKI Energy Services.
Post completion of the stake acquisition, the entity will become a wholly-owned subsidiary of EKI Energy Services, the filing said.
EKI Energy Services is a leading carbon credit developer and supplier across the globe.
Carbon credits are earned by the reduction of greenhouse gas emissions in the atmosphere through climate-friendly projects and can be used by governments, industries or private individuals to compensate for generating emissions elsewhere.
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