Vakrangee becomes a long term debt-free company

Vakrangee has achieved a long term debt-free status through early repayments of all the outstanding long term credit facilities sanctioned to it. The company had long term debt of Rs 12.5 crore in FY16. Its achieving long term debt free status is in line with the long term growth strategy with respect to Vision 2020 of the company.

On the financial front, Vakrangee’s revenue increased 21.77 per cent to Rs 959 crore in Q2FY17 as compared to the same period in the previous financial year. The company’s operating profit rose 10.58 per cent to Rs 226 crore in Q2FY17 on a yearly basis. Its net profit also increased 31.35 per cent to Rs 126 crore in Q2FY17 as compared to the same period in the previous fiscal. After pre-payment of the long term debt, its leverage ratios will become attractive by FY17.

Post demonetisation, the company will get push for its expansion of white label ATMs across the country. It has targeted 75,000 ATMs across India by 2020. The company is focused on creating India’s largest network of last-mile retail points-of-sale, to benefit from financial inclusion, social inclusion, Digital India and a wider access to basic goods and services.

The share price of Vakrangee increased by 0.4 per cent on bourses in early trades and is trading at Rs 275.3 on intra-day basis.