Corporate Feature     

Published: July 15, 2024
Updated: July 15, 2024

Eraaya Lifespaces Ltd.

Gratifying show for Q1FY2025: Net profit spurts to Rs. 9.5 million

Eraaya Lifespaces Ltd. (BSE: 531035) has reported its earnings for the quarter ended 30 June 2024. The company reported its revenues at Rs. 19.98 Mn. The PBT was reported at Rs. 12.76 Mn, with PAT coming in at Rs. 9.54 Mn. EPS grew to Rs. 0.63, growing YoY from Rs. 0.03 (Q1FY24).

The acquisition will be effectuated through Ebix’s Plan of Reorganization proposed in its Chapter 11 proceedings, which is subject to ongoing negotiations among the consortium, Ebix, and Ebix’s creditors and other stakeholders. On June 27, 2024, the U.S. Bankruptcy Court allowed the Plan of Reorganization to be sent to creditors for voting and has scheduled a hearing to consider approval of the plan for July 30, 2024.

The terms of the acquisition arrangement submitted by the consortium is supported by Ebix Senior Management team led by the Ebix CEO. “The Consortium” led by Eraaya Lifespaces Limited, had earlier been approved as the Stalking Horse Bidder for the acquisition of 100% of the equity of the Company by Ebix (including its Independent Directors). In due course of the process, the consortium has already deposited US$. 7.25 Million (INR 60.4 Crores approximately) as a commitment deposit to support the bid. The consortium will be remitting another US$ 42.5 Million (INR 354 Crores approximately) in three instalments by 23rd July 2024 and the balance (final payment) for the acquisition amounting to US$ 95.25 Million (INR 793.8 Crores approximately) by 30th July 2024.

The acquisition includes 100% of the equity in Ebix by the Consortium which includes assets and certain liabilities in the worldwide subsidiaries of Ebix.

EBIX INC. is a leading international supplier of OnDemand software and E-commerce services to the insurance, financial and healthcare industries, EBIX INC., (NASDAQ: EBIXQ) provides end-to- end solutions ranging from infrastructure exchanges, carrier systems, agency systems and risk compliance solutions to custom software development for all entities involved in the insuranc

Elevating Experiences, Embracing Heritage. Eraaya Lifespaces is a premier lifestyle and hospitality company dedicated to curating unforgettable experiences worldwide. Rooted in a passion for excellence, we blend luxury, comfort, and style to create immersive environments that transcend mere existence. Our portfolio celebrates India’s rich culture and heritage, offering unique escapes in iconic destinations. Whether it’s crafting flawless events or producing innovative content, Eraaya Lifespaces is committed to exceeding expectations and creating memories that last a lifetime. Welcome to Eraaya, where luxury and heritage converge in perfect harmony.

While Eraaya stands as a beacon of innovation and excellence in its current domain, with a solid foundation built on determination, guided by a clear vision, informed strategy, and unwavering commitment to excellence, the company has garnered recognition in the industry.

Eraaya is seeking to thrive, expansion beyond its current scope as a strategic option embracing new business fields presents a promising avenue for growth, diversification, and sustained relevance in an ever-evolving market. Eraaya has set its sight on exploring new business fields, driven by a vision to expand its horizons and unlock fresh opportunities via mergers and acquisitions of a varied bunch of businesses.

Eraaya Lifespaces embarks on this transformative journey of expansion into new business fields, Eraaya is poised to carve a new path of success, driving innovation, and creating value for stakeholders while shaping the future of business in dynamic and unprecedented and unforeseen ways.