Ashapura Minechem Limited has informed the Exchange regarding Resignation of Mrs NEETA SHAH as Non- Executive Independent Director of the company w.e.f. August 12, 2025.
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Ashapura Minechem reported strong Q1 FY26 results with consolidated income from operations nearly doubling YoY to Rs. 1,355.57 crores (up 89.81% from Rs. 714.15 crores) and profit before tax rising 97.56% to Rs. 131.84 crores. Standalone net profit stood at Rs. 29.80 crores on total income of Rs. 109.67 crores. The company exported a record 2.05 MMT of bauxite from Guinea in a single quarter, the highest in its history, compared with 3.37 MMT for the entire FY24-25. A long-pending tax litigation involving Rs. 259.20 crore in carried-forward business losses was settled in the company's favor on July 7, 2025, with the deferred tax asset impact to be booked in Q2 FY26. Separately, Mrs. Neeta Shah (DIN 07134947) resigned as Non-Executive Independent Director effective August 12, 2025, citing other professional commitments, with no other material reasons stated. The 44th AGM has been scheduled for September 24, 2025.
Strong operational momentum, record Guinea exports, and a favorable Rs. 259.20 crore tax ruling are positive signals for shareholders. The independent director's resignation is routine and not expected to materially affect operations or governance.