Appointment of Mr. Nirmal Jagawat as Whole-time Director of Company wef April 30, 2025

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AI summary

Forbes & Company announced the appointment of Mr. Nirmal Jagawat, previously its Chief Financial Officer, as Whole-time Director and Key Managerial Personnel for a 3-year term from April 30, 2025 to April 29, 2028; he ceases to be CFO. The board also approved audited standalone and consolidated results for Q4 and FY ended March 31, 2025, with an unmodified auditor opinion from Sharp & Tannan Associates. Standalone revenue from operations jumped about 59% to Rs. 19,684 lakhs, driven mainly by the Real Estate segment (Rs. 16,550 lakhs), while profit after tax rose about 32% to Rs. 2,693 lakhs and EPS climbed to Rs. 20.88 from Rs. 15.77. The Coding and Industrial Automation segment remained weak, posting a segment loss of Rs. 118 lakhs for the year. The board also appointed Makarand M. Joshi & Co. as Secretarial Auditors for a 5-year term starting April 1, 2025.

Likely market impact

Positive: strong FY25 earnings growth, led by the real estate business, and a clean audit opinion should support investor sentiment. Shareholders should note the CFO vacancy arising from Mr. Jagawat's elevation to WTD and watch for a new CFO appointment.