ENCLSOED HEREWITH DISLCOURE FOR APPOINTMENT
Awaiting price reaction for this filing.
RRP Semiconductor's board, at its May 30, 2025 meeting, approved audited FY25 results showing a sharp jump in revenue to Rs 31.95 crore (from Rs 38 lakh in FY24) and net profit of Rs 8.46 crore, though Q4 FY25 posted a net loss of Rs 1.59 crore due to a Rs 3 crore tax provision. The company appointed a new Secretarial Auditor (Amarendra Mohapatra & Associates) for 5 years and a new Internal Auditor (Kalpesh Khatri & Associates) for FY26-27. CFO George Abraham Vithayathil resigned effective May 21, 2025 citing personal reasons. Managing Director Sumita Mishra stepped down as MD effective May 30, 2025 but continues on the board as Non-Executive Director; she is related to Director Ramesh Mishra. The results note that the company reversed Rs 8 crore+ of revenue from a disputed solar panel sub-contract with Telecrown Infratech, and trade receivables ballooned to Rs 24.15 crore.
Multiple governance concerns for shareholders: exit of the CFO and the MD (who also remains a related-party director), an ongoing BSE order revoking listing approval (under SAT appeal with status quo), and a dramatic spike in trade receivables. While FY25 shows a swing to profit, much of the year's revenue came from a now-reversed solar contract, which could weigh on future earnings and stock sentiment.