Outcome of the Board meeting held on 14.08.2025
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The Board approved unaudited financial results for Q1 FY26 (quarter ended 30 June 2025). On a standalone basis, the company swung to a profit of Rs. 5.59 lakhs from a loss of Rs. 13.08 lakhs a year ago, with revenue rising to Rs. 84.65 lakhs from Rs. 38.34 lakhs. However, on a consolidated basis, the company posted a steep loss of Rs. 342.67 lakhs versus a profit of Rs. 94.66 lakhs in Q1 FY25, with revenue falling sharply from Rs. 744.10 lakhs to Rs. 292.37 lakhs, largely due to losses at its overseas subsidiaries. Executive Director Mrs. Ankita Mathur resigned for personal reasons, and the Board approved the closure of its Bahrain office within 30 days, citing geopolitical risks. The Board also discussed a recent SEBI order imposing penalties and directions on the company's directors and decided to explore legal options including an appeal to the Securities Appellate Tribunal (SAT).
Mixed picture for shareholders: standalone operations are improving, but the consolidated performance is deeply negative, driven by overseas subsidiaries. The SEBI penalty and planned appeal, along with the Bahrain exit, add governance and execution risk, though the company states these will not materially affect core operations.