EKI Energy Services Faces Financial Setback Amid Strategic Acquisition

EKI Energy Services reported a net loss of Rs 4.62 crore in the December quarter, driven by diminished revenues. Meanwhile, the company completed the acquisition of the remaining shares in GHG Reduction Technologies, making it a wholly-owned subsidiary.

EKI Energy Services disclosed a consolidated net loss of Rs 4.62 crore for the December quarter, largely due to decreased revenues compared to the previous year.

The company had recorded a consolidated net profit of Rs 1.53 crore for the same period the previous year, according to its regulatory filing.

Despite the financial setback, the board approved the acquisition of the remaining 14.11% equity in GHG Reduction Technologies for Rs 60,50,000, thereby turning it into a wholly-owned subsidiary engaged in manufacturing and biomass-related activities.

(With inputs from agencies.)