Statement of Deviation & Variation
Price
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Artificial Electronics Intelligent Material Ltd (formerly Datasoft Application Software India Ltd) submitted its unaudited Q2 and H1 FY26 results along with a Statement of Deviation/Variation for proceeds of a preferential issue of ₹28.50 crore raised on 19 October 2024. Revenue from operations surged to ₹3,304.80 lakh in Q2 FY26 from ₹361.50 lakh in Q2 FY25, while net profit jumped to ₹975.05 lakh from ₹20.75 lakh. For H1 FY26, revenue rose to ₹3,979.80 lakh (vs ₹469.50 lakh) and net profit to ₹1,035.56 lakh (vs ₹38.40 lakh), with EPS of ₹6.10. The company reported no deviation or variation in use of funds; however, most of the ₹28.50 crore is still parked in liquid mutual funds with minimal deployment toward land, machinery, or acquisitions. Related party transactions include an advance of ₹1,306 lakh outstanding to Polymatech Electronics Ltd, an enterprise where a director's relative is interested. Auditor DGMS & Co issued an unmodified review conclusion.
Headline revenue and profit growth are very strong on a low base, but negative operating cash flow of ₹68.69 lakh in H1 and large unutilized preferential issue proceeds sitting in liquid mutual funds raise questions about execution on stated objects like machinery purchase and acquisitions, which shareholders should monitor closely.