Bannari Amman Spinning Mills Limited has informed the Exchange about appointment of Secretarial Auditor, Cost Auditor and Internal Auditor.
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Bannari Amman Spinning Mills reported FY25 audited results with revenue from operations at Rs. 887.36 crores, down about 4% from Rs. 923.52 crores in FY24. Standalone profit for the year stood at Rs. 36.86 crores, swinging from a loss of Rs. 26.23 crores last year, but this was largely boosted by a one-time gain of Rs. 53.48 crores from selling its subsidiary Young Brand Apparel. Core textile operations continued to post a small loss of Rs. 1.18 crores for the year. The Board did not recommend any dividend for FY25. The Board also appointed R. Dhanasekaran as the new Secretarial Auditor for a five-year term and re-appointed the Cost Auditor (M. Nagarajan) and Internal Auditors (B M & Associates) for FY26. Additionally, a Rights Issue of up to Rs. 40.71 crores at Rs. 27 per share was approved in April 2025.
The headline profit turnaround is misleading as it is driven by a one-time subsidiary sale gain, not by improvement in the core textile business, which remains in the red. No dividend is a negative for income-seeking shareholders. The pending sale of the garment unit to S P Apparels is awaiting lender clearance, and the upcoming rights issue will dilute existing shareholders.