New Delhi, Nov 12 (PTI) Debt-ridden dairy firm Kwality on Thursday reported narrowing of its consolidated net loss to Rs 14.52 crore for the September 2020 quarter.

Its net loss stood at Rs 18.36 crore in the corresponding quarter of the previous financial year, according to a regulatory filing.

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The company's net income during July-September 2020 declined to Rs 25.47 crore, compared with Rs 32.25 crore in the year-ago period.

Expenses remained lower at Rs 40 crore, against Rs 50.61 crore a year ago.

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In 2018, the National Company Law Tribunal (NCLT) ordered insolvency proceedings in Kwality on a petition filed by global private equity firm KKR.

Since no resolution could take place, liquidation proceedings have been initiated and the matter is now listed on December 11 this year, the filing added.

Shares of the company on Thursday rose 2.44 per cent to settle at Rs 2.55 apiece on the BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)