Security Cover Certificate pursuant to Regulation 54 read with Regulation 56 of the Listing Regulations.
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Shri Vasuprada Plantations Ltd (formerly Joonktollee Tea & Industries Ltd.) reported annual results for FY26 ended March 2026. Revenue from operations grew 9.2% to ₹13,385 Lakhs from ₹12,258 Lakhs, but the company swung to a net loss of ₹699 Lakhs versus a profit of ₹569 Lakhs in FY25. On a consolidated basis, revenue rose to ₹14,362 Lakhs but net loss was ₹712 Lakhs versus profit of ₹610 Lakhs previously. The loss was driven by higher finance costs (₹608 Lakhs), employee expenses (₹6,906 Lakhs), and the tea segment posting a loss of ₹1,111 Lakhs, partially offset by strong coffee (₹922 Lakhs profit) and rubber (₹454 Lakhs profit) segments. Cash position deteriorated sharply from ₹79 Lakhs to ₹26 Lakhs. The company also has NCDs listed on BSE (scrip 974704) and filed a Security Cover Certificate for these debentures.
The company shifted from profit to loss despite higher revenue due to higher costs, particularly in the tea segment. With current ratio at 0.69 and negative working capital, there are liquidity concerns, though auditors issued an unqualified opinion and management expects to meet obligations from existing banking facilities.