Annuncio • May 11
Mac Charles (India) Limited, Annual General Meeting, Aug 13, 2026 Mac Charles (India) Limited, Annual General Meeting, Aug 13, 2026. New Risk • May 11
New minor risk - Negative shareholders equity The company has negative equity. Total equity: -₹105m This is considered a minor risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. It should be noted that some of the negative equity could be due to large buybacks of stock, which is not as much of a risk as a company with overwhelming debt, but likewise is not sustainable in the long-term. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.5x net interest cover). Earnings have declined by 61% per year over the past 5 years. Minor Risks Negative equity (-₹105m). Market cap is less than US$100m (₹9.00b market cap, or US$94.6m). Reported Earnings • May 11
Full year 2026 earnings released: ₹88.75 loss per share (vs ₹80.74 loss in FY 2025) Full year 2026 results: ₹88.75 loss per share (further deteriorated from ₹80.74 loss in FY 2025). Revenue: ₹1.24b (up ₹1.14b from FY 2025). Net loss: ₹1.16b (loss widened 9.9% from FY 2025). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Annuncio • May 05
Mac Charles (India) Limited to Report Q4, 2026 Results on May 08, 2026 Mac Charles (India) Limited announced that they will report Q4, 2026 results on May 08, 2026 New Risk • Mar 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.2x net interest cover). Earnings have declined by 59% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Market cap is less than US$100m (₹8.33b market cap, or US$90.4m). Reported Earnings • Feb 14
Third quarter 2026 earnings released: ₹48.43 loss per share (vs ₹17.19 loss in 3Q 2025) Third quarter 2026 results: ₹48.43 loss per share (further deteriorated from ₹17.19 loss in 3Q 2025). Net loss: ₹634.5m (loss widened 182% from 3Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Annuncio • Feb 09
Mac Charles (India) Limited to Report Q3, 2026 Results on Feb 12, 2026 Mac Charles (India) Limited announced that they will report Q3, 2026 results on Feb 12, 2026 Reported Earnings • Nov 16
Second quarter 2026 earnings released: ₹12.65 loss per share (vs ₹18.21 loss in 2Q 2025) Second quarter 2026 results: ₹12.65 loss per share (improved from ₹18.21 loss in 2Q 2025). Net loss: ₹165.6m (loss narrowed 31% from 2Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Annuncio • Nov 10
Mac Charles (India) Limited to Report Q2, 2026 Results on Nov 14, 2025 Mac Charles (India) Limited announced that they will report Q2, 2026 results on Nov 14, 2025 New Risk • Sep 26
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.73b (US$98.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 51% per year over the past 5 years. Minor Risks Revenue is less than US$5m (₹298m revenue, or US$3.4m). Market cap is less than US$100m (₹8.73b market cap, or US$98.4m). Annuncio • Aug 07
Mac Charles (India) Limited, Annual General Meeting, Sep 19, 2025 Mac Charles (India) Limited, Annual General Meeting, Sep 19, 2025. Reported Earnings • Aug 07
First quarter 2026 earnings released: ₹15.97 loss per share (vs ₹17.47 loss in 1Q 2025) First quarter 2026 results: ₹15.97 loss per share (improved from ₹17.47 loss in 1Q 2025). Net loss: ₹209.3m (loss narrowed 8.6% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 113 percentage points per year, which is a significant difference in performance. New Risk • Aug 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 45% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Revenue is less than US$5m (₹98m revenue, or US$1.1m). Annuncio • Aug 01
Mac Charles (India) Limited to Report Q1, 2026 Results on Aug 06, 2025 Mac Charles (India) Limited announced that they will report Q1, 2026 results on Aug 06, 2025 Reported Earnings • May 17
Full year 2025 earnings released: ₹80.74 loss per share (vs ₹50.52 loss in FY 2024) Full year 2025 results: ₹80.74 loss per share (further deteriorated from ₹50.52 loss in FY 2024). Net loss: ₹1.06b (loss widened 60% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 104 percentage points per year, which is a significant difference in performance. Annuncio • May 12
Mac Charles (India) Limited to Report Q4, 2025 Results on May 16, 2025 Mac Charles (India) Limited announced that they will report Q4, 2025 results on May 16, 2025 Reported Earnings • Feb 15
Third quarter 2025 earnings released: ₹17.19 loss per share (vs ₹16.76 loss in 3Q 2024) Third quarter 2025 results: ₹17.19 loss per share (further deteriorated from ₹16.76 loss in 3Q 2024). Net loss: ₹225.2m (loss widened 2.6% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 15
Second quarter 2025 earnings released: ₹18.21 loss per share (vs ₹9.38 loss in 2Q 2024) Second quarter 2025 results: ₹18.21 loss per share (further deteriorated from ₹9.38 loss in 2Q 2024). Net loss: ₹238.6m (loss widened 94% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 114 percentage points per year, which is a significant difference in performance. Annuncio • Nov 09
Mac Charles (India) Limited to Report Q2, 2025 Results on Nov 13, 2024 Mac Charles (India) Limited announced that they will report Q2, 2025 results on Nov 13, 2024 Annuncio • Sep 20
Mac Charles (India) Limited Appoints Srinivasarao Nagabhushana Rao Nagendra as a Non-Executive and Independent Director Mac Charles (India) Limited announced that at the AGM held on September 20, 2024 approved the appointment of Mr. Srinivasarao Nagabhushana Rao Nagendra as a non-executive and independent director of the company for a consecutive period of 5 years with effect from August 8, 2024 till August 7, 2029. Reported Earnings • Aug 10
First quarter 2025 earnings released: ₹17.47 loss per share (vs ₹8.12 loss in 1Q 2024) First quarter 2025 results: ₹17.47 loss per share (further deteriorated from ₹8.12 loss in 1Q 2024). Net loss: ₹228.9m (loss widened 115% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Annuncio • Aug 05
Mac Charles (India) Limited to Report Q1, 2025 Results on Aug 08, 2024 Mac Charles (India) Limited announced that they will report Q1, 2025 results on Aug 08, 2024 Annuncio • Aug 01
Chandana Naidu Resigns as Company Secretary & Compliance Officer of Mac Charles (India) Limited Mac Charles (India) Limited announced that CS Chandana Naidu (ACS 25570) vide her letter dated 31 July, 2024 has tendered her resignation from the post of Company Secretary & Compliance Officer and a Key Managerial Personnel of the Company to pursue career opportunity outside the company with effect from closing of business hours of 31 July, 2024. Reported Earnings • May 24
Full year 2024 earnings released: ₹50.52 loss per share (vs ₹32.49 profit in FY 2023) Full year 2024 results: ₹50.52 loss per share (down from ₹32.49 profit in FY 2023). Net loss: ₹661.8m (down 256% from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Annuncio • May 19
Mac Charles (India) Limited to Report Q4, 2024 Results on May 23, 2024 Mac Charles (India) Limited announced that they will report Q4, 2024 results on May 23, 2024 New Risk • Mar 07
New major risk - Revenue and earnings growth Earnings have declined by 2.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 2.7% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (₹6.19b market cap, or US$74.8m). Annuncio • Feb 07
Mac Charles (India) Limited to Report Q3, 2024 Results on Feb 12, 2024 Mac Charles (India) Limited announced that they will report Q3, 2024 results on Feb 12, 2024 Annuncio • Nov 04
Mac Charles (India) Limited to Report Q2, 2024 Results on Nov 09, 2023 Mac Charles (India) Limited announced that they will report Q2, 2024 results on Nov 09, 2023 Reported Earnings • Aug 13
First quarter 2024 earnings released: ₹8.12 loss per share (vs ₹48.12 profit in 1Q 2023) First quarter 2024 results: ₹8.12 loss per share (down from ₹48.12 profit in 1Q 2023). Net loss: ₹106.4m (down 117% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Annuncio • Aug 12
Mac Charles (India) Limited, Annual General Meeting, Sep 14, 2023 Mac Charles (India) Limited, Annual General Meeting, Sep 14, 2023. Annuncio • Aug 05
Mac Charles (India) Limited to Report Q1, 2024 Results on Aug 11, 2023 Mac Charles (India) Limited announced that they will report Q1, 2024 results on Aug 11, 2023 Annuncio • Jul 30
Mac Charles (India) Limited Announces Cessation of Suresh Vaswani as Independent Director Mac Charles (India) Limited announced that Mr. Suresh Vaswani has ceased to be the Independent Director of the company with effect from July 29, 2023 upon completion of his term. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹470, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 25x in the Hospitality industry in India. Total returns to shareholders of 102% over the past three years. Board Change • Jul 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Whole-Time Director Sartaj Singh was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annuncio • Jun 29
Mac Charles (India) Limited Approves Appointment of Mr. Harish Anand as the Additional Whole-Time Director Mac Charles (India) Limited announced that the board of directors of the company at its meeting held on June 22, 2023, have, inter-alia, basis the recommendation of Nomination & Remuneration Committee, approved the appointment of Mr. Harish Anand as the additional whole-time director of the company, with effect from June 22, 2023. Mr. Harish Kumar Anand holds a Bachelor's Degree in Commerce from Christ College in Bangalore. He is also a member of the Institute of Chartered Accountants of India (ICAI) has completed the course offered by CPA Australia. After completing his articles with K.P. Rao and Company and attaining membership of the ICAI, Mr. Anand joined Titan Watches Ltd. A couple of years later he went to Swaziland, Southern Africa and later migrated to Australia for about 25 years. He has served in companies such as EY, Goodman Fielder, Navy Canteens and Indigenous Business Australia. Mr. Anand has experience in varied sectors including manufacturing, consultancy, hospitality, FMCG, Government and Quasi government organizations, handling responsibilities of Finance, HR, IT, Corporate Governance and Compliance amongst others. About the last 10 years as the CFO. Mr. Anand returned to India in 2018 and currently he heads the Embassy Groups Internal Audit and Compliance function. In addition, he is responsible for monitoring and managing the performances of associated group companies. Reported Earnings • May 25
Full year 2023 earnings released: EPS: ₹32.49 (vs ₹70.61 in FY 2022) Full year 2023 results: EPS: ₹32.49 (down from ₹70.61 in FY 2022). Revenue: ₹966.7m (up 340% from FY 2022). Net income: ₹425.6m (down 54% from FY 2022). Profit margin: 44% (down from 421% in FY 2022). Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Annuncio • May 04
Mac Charles (India) Limited Announces Chief Financial Officer Changes Mac Charles (India) Limited hereby furnish a revised intimation under regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR) w.r.t the appointment of Mr. Ankit Shah as the Chief Financial Officer of the Company, w.e.f. November 14, 2022, in place of Mr. Pranesh K Rao approved in the board meeting held on 14th November, 2022. Mr. Ankit Shah is Chartered Accountant, Chartered Financial Analyst and Company Secretary, having 11+ years of working experience in Finance. He has been Associated with the group for more than 4 years. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹423, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 24x in the Hospitality industry in India. Total returns to shareholders of 71% over the past three years. Reported Earnings • Feb 15
Third quarter 2023 earnings released: ₹4.93 loss per share (vs ₹1.71 profit in 3Q 2022) Third quarter 2023 results: ₹4.93 loss per share (down from ₹1.71 profit in 3Q 2022). Net loss: ₹64.6m (down 388% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Annuncio • Feb 07
Mac Charles (India) Limited to Report Q3, 2023 Results on Feb 14, 2023 Mac Charles (India) Limited announced that they will report Q3, 2023 results on Feb 14, 2023 Reported Earnings • Nov 19
Second quarter 2023 earnings released: ₹2.29 loss per share (vs ₹67.13 profit in 2Q 2022) Second quarter 2023 results: ₹2.29 loss per share (down from ₹67.13 profit in 2Q 2022). Net loss: ₹30.0m (down 103% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Annuncio • Aug 10
Mac Charles (India) Limited Appoints Sartaj Sewa Singh as Whole-Time Director The Board of Directors of Mac Charles (India) Limited at its meeting held on August 09, 2022, appointed Mr. Sartaj Sewa Singh as Whole-time Director. Reported Earnings • Aug 10
First quarter 2023 earnings released: EPS: ₹48.12 (vs ₹0.79 in 1Q 2022) First quarter 2023 results: EPS: ₹48.12 (up from ₹0.79 in 1Q 2022). Revenue: ₹778.3m (up ₹710.8m from 1Q 2022). Net income: ₹630.4m (up ₹620.2m from 1Q 2022). Profit margin: 81% (up from 15% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Board Change • Aug 10
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Non-Independent & Non-Executive Director Pandithacholanallur Rajagopalan was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annuncio • Jun 30
Mac Charles (India) Limited Announces Executive Changes Mac Charles (India) Limited announced that Mr. Sartaj Sewa Singh who was appointed as whole-time Director of the company for a period of two years with effect from 26th June,2020 has completed his tenure on 25th June,2022. Mr. Sartaj Sewa Singh is appointed as Additional Director of the company with immediate effect with the approval of Board. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₹456, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 48x in the Hospitality industry in India. Total returns to shareholders of 43% over the past three years. Reported Earnings • Jun 01
Full year 2022 earnings released: EPS: ₹70.61 (vs ₹1.10 in FY 2021) Full year 2022 results: EPS: ₹70.61 (up from ₹1.10 in FY 2021). Revenue: ₹1.16b (up 316% from FY 2021). Net income: ₹925.1m (up ₹910.6m from FY 2021). Profit margin: 80% (up from 5.2% in FY 2021). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Annuncio • May 26
Mac Charles (India) Limited to Report Q4, 2022 Results on May 30, 2022 Mac Charles (India) Limited announced that they will report Q4, 2022 results on May 30, 2022 Reported Earnings • Feb 14
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹1.71 (up from ₹0.03 in 3Q 2021). Revenue: ₹81.9m (up 18% from 3Q 2021). Net income: ₹22.4m (up ₹22.0m from 3Q 2021). Profit margin: 27% (up from 0.6% in 3Q 2021). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 35% per year whereas the company’s share price has increased by 39% per year. Annuncio • Feb 05
Mac Charles (India) Limited to Report Q3, 2022 Results on Feb 11, 2022 Mac Charles (India) Limited announced that they will report Q3, 2022 results on Feb 11, 2022 Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improved over the past week After last week's 18% share price gain to ₹795, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 92x in the Hospitality industry in India. Total returns to shareholders of 156% over the past three years. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improved over the past week After last week's 25% share price gain to ₹624, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 79x in the Hospitality industry in India. Total returns to shareholders of 92% over the past three years. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improved over the past week After last week's 15% share price gain to ₹497, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 77x in the Hospitality industry in India. Total returns to shareholders of 55% over the past three years. Reported Earnings • Jul 03
Full year 2021 earnings released: EPS ₹1.10 (vs ₹2.60 loss in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: ₹278.2m (down 8.7% from FY 2020). Net income: ₹14.4m (up ₹48.6m from FY 2020). Profit margin: 5.2% (up from net loss in FY 2020). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Jun 05
Full year 2021 earnings released: EPS ₹1.09 (vs ₹2.60 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹319.1m (up 4.7% from FY 2020). Net income: ₹14.4m (up ₹48.6m from FY 2020). Profit margin: 4.5% (up from net loss in FY 2020). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 08
New 90-day low: ₹207 The company is down 21% from its price of ₹263 on 08 December 2020. The Indian market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 9.0% over the same period. Reported Earnings • Feb 06
Third quarter 2021 earnings released: EPS ₹0.03 (vs ₹1.71 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and profit margins, although revenues were flat. Third quarter 2021 results: Revenue: ₹71.8m (flat on 3Q 2020). Net income: ₹390.0k (down 98% from 3Q 2020). Profit margin: 0.5% (down from 31% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Annuncio • Jan 29
Mac Charles (India) Limited to Report Q3, 2021 Results on Feb 05, 2021 Mac Charles (India) Limited announced that they will report Q3, 2021 results on Feb 05, 2021 Reported Earnings • Nov 13
Second quarter 2021 earnings released: ₹1.01 loss per share The company reported a poor second quarter result with increased losses and weaker revenues and control over expenses. Second quarter 2021 results: Revenue: ₹79.9m (down 19% from 2Q 2020). Net loss: ₹13.3m (loss widened ₹13.3m from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 03
New 90-day low: ₹215 The company is down 10.0% from its price of ₹239 on 05 August 2020. The Indian market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 14% over the same period. Annuncio • Nov 01
Mac Charles (India) Limited to Report Q2, 2021 Results on Nov 11, 2020 Mac Charles (India) Limited announced that they will report Q2, 2021 results on Nov 11, 2020 Annuncio • Jul 25
Mac Charles (India) Limited to Report Q1, 2021 Results on Jul 31, 2020 Mac Charles (India) Limited announced that they will report Q1, 2021 results on Jul 31, 2020 