Premium specialty chemical substances company Vikas Ecotech has knowledgeable exchanges that the company has considerably minimize its debt in the continued quarter of FY24. As par of its debt-reduction plan, the company has paid again Rs 52.20 million roughly.
With the most recent spherical of fee, the company’s complete quantity of bank-debt now stands diminished to Rs 791.30 million. Its general bank-debt has been diminished to Rs 908.70 million until date.
Vikas Ecotech is a number one supplier of high-end specialty chemical substances. The company mentioned that it aims to minimize the debt additional as it has set a goal to become a debt-free by the tip of the monetary 12 months 2023-24. The compensation of Rs 52.20 million takes the company a step forward in the direction of turning into a ‘ZERO Debt Company’ in 2024.
ALSO READ: Paytm points clarification for putting in QR codes for donations outdoors Badrinath-Kedarnath Temple
“…the company has paid back Rs 52.20 million approx., taking the total amount of bank-debt reduced to Rs. 791.30 million and the overall bank-debt reduction to Rs. 908.70 million till date,” it mentioned in a regulatory submitting.
“It is pertinent to submit that the company goal of becoming a 100% debt free entity within FY 2023-2024 under Debt Reduction Program, on persistence and support extended by the promoters of the company,” the company added.
The New Delhi headquartered company operates in the specialty chemical business. The company provides its merchandise to quite a lot of industries together with agriculture, automotives, cables, electricals, hygiene, healthcare, polymers, packaging, textiles and footwear. As per the shareholding patter, promoters maintain 9.3 per cent stake in the company whereas the remaining 90.6 per cent is owned by the general public.
ALSO READ: Adani Green Energy Ltd proclaims FY23 outcomes reporting an EBITDA of Rs 5,538 Cr
Vikash Ecotech shares have yielded a large return of 128 per cent in the final two years. The company has a market cap of Rs 254 crore.
