FIIs-backed Logistics Firm East West Holdings Reduces Debt By 24 pc. Image Source: Canva
FIIs-backed East West Holdings, a logistics solution provider, has informed through an exchange filing about the overall debt reduction. The company said that it has re-paid Rs 260 million to the bankers which amounts to reduction of overall debt by 24 per cent. The repayment is a part of the firm’s pre-defined debt reduction program wherein it is aiming to make the business debt free over a period of time.
Notably, the company had in June 2021 decided to dispose one of the property situated in Andheri Kurla Road of Mumbai and utilize the proceeds for paying off loans from bank or financial institution and reduce its debt by 20 to 30 per cent and thereby improve the debt-to-equity ratio.
Commenting on the development, Ajaz Shafi Mohammed, MD, said: “After relentless effort for the past 2 years, we have successfully managed to achieve 24 per cent reduction of overall debt. This is an achievement. This will not only improve the debt-to-equity ratio but our overall financial position.”
The coming years, he said, will be fantastic in terms of growth and expansion of the business. “The improvement in financial will encourage the management to focus on implanting its growth plan-and improve its revenue and profits thereby adding value to investors and stakeholders,” Ajaz added.
Shares of East West Holdings, which operates through Freight Services segment, are available for trade on BSE. The microcap stock closed in green at Rs 6.05 apiece. In the third quarter, the company’s net revenue from operations stood at Rs 42.04 crore.
East West Holdings is backed by FIIs. According to trendlyne, FIIs own 3.7 per cent stake (or 4,701,205 shares) in the company.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Today Technology Market ResearchDigital suggests its readers/audience to consult their financial advisors before making any money related decisions.)
