Vikas Ecotech's Debt Reduction Program - Update

Vikas Ecotech Limited has re-paid another Rs. 50 million to the bankers as part of its pre-defined debt reduction program wherein its targeted to make the business debt free by March 31, 2024.

The Company had set a goal to be a debt-free business by March 31, 2024 and in due compliance with the targeted amount in Phase-1 of the Debt Reduction Program which was initiated on August-Sept'2021 the Company has re-paid Rs. 1052 Million to the bankers since then; thus reducing the total bank debt from the peak of Rs. 1612 Million approx. to about Rs 550 Million currently, making a 66% Reduction from the Peak Level within 24 Months of initiating the process.

Commenting on the subject The Managing Director Mr. Vikas Garg said "We are glad that The Company is moving faster than we had planned towards the goal of removing 100% of the Bank Debt. We will now initiate the last Phase of the Complete Debt Removal objective and in all likelihood, will achieve the goal much prior than the targeted." He further added "The Management and the Operative teams have put all the heart and soul in achieving every goal we have ever set for Vikas Ecotech Limited. The success of the complete Debt Removal objective will not only provide multidimensional economies and benefits alongwith a definite edge to all our operations leading to better cognitive functioning of the business operations but it also affirms Better, Stable and Stronger future prospects for Vikas Ecotech every possible way. I proudly commend the relentless efforts poured in by the teams towards various business objectives including Debt Removal, Diversification and Broadbasing of our Business-Interests, we will soon be ready to launch ourselves to the next orbits expanding our reach to newer opportunities and our businesses to new heights."

The Chief Financial Officer Mr. Amit Dhuria added "We had set our eyes on the goal of becoming a 100% Debt Free Company and started working towards it; The During and Post Covid-2019 dynamics fuelled the thought and we have put forth all possible efforts to shed the Bank Debt off. We initiated the process instantly with an initial plan to accomplish the task within a moderate 24~36 Months. The support and encouragement we received from the Promoters and the Teams, the target soon started being visible closer by the end of the 1ST phase and we resolved to push ourselves harder towards our goal. The Company is poised to complete the Debt Removal sooner as compared to the target date assigned to us and we have set a new goal for ourselves achieving the Debt Free Status within December 31, 2023 instead of earlier envisaged date of March 31, 2024 wiz a quarter in advance."

Shares of Vikas EcoTech Limited was last trading in BSE at Rs. 3.25 as compared to the previous close of Rs. 3.14. The total number of shares traded during the day was 8844069 in over 2497 trades.

The stock hit an intraday high of Rs. 3.36 and intraday low of 3.18. The net turnover during the day was Rs. 28760741.00.

Source : Equity Bulls

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VikasEcoTech INE806A01020 DebtReduction ProgramUpdate