Announcement under Regulation 30 (LODR)- Resignation of Statutory Auditor.
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On the reaction day the stock moved 2.4 pts less than Nifty Microcap 250 and 1.4 pts less than its Trading & Distributors peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Tavernier Resources Limited's board approved its audited financial results for Q4 and FY ended March 31, 2025, reporting a strong turnaround with a net profit of ₹266.35 lakhs versus a loss of ₹29.75 lakhs in FY24. Total income rose to ₹293.65 lakhs from ₹151.14 lakhs, and EPS swung to ₹4.45 from a negative ₹0.50. Total assets stood at ₹793.51 lakhs with retained earnings turning positive at ₹179.72 lakhs. The statutory auditor M/s. Parekh Sharma & Associates, who had been appointed for a 5-year term till the AGM for FY 2028-29, resigned with immediate effect on May 14, 2025, citing pre-occupation in other assignments. The same auditor had issued an unmodified (clean) opinion on the FY25 results just before stepping down, and no concerns or governance issues were flagged.
The sharp swing to profitability is a clear positive for shareholders, but the mid-term exit of the statutory auditor — though explained by workload reasons and accompanied by a clean audit report — may invite mild governance scrutiny from the market. Investors should watch for timely appointment of a new auditor.