Resignation of Statutory Auditor M/S Parin Patwari & co W.E.F 22nd July, 2025

Auditor Resigned MidtermManagement Changes View source PDF Explain this filing

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Price reactionminutes from the announcement price · days from the prior close

-12.2%Reaction day

₹498.00

prior close

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Nifty Microcap 250market · in no size index; the smallest one is used-0.0%-12.2% vs market

Castings & Forgings peers, median of 19sector+0.0%-12.2% vs sector

On the reaction day the stock moved 12.2 pts less than Nifty Microcap 250 and 12.2 pts less than its Castings & Forgings peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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AI summary

Gujarat Intrux's board met on July 22, 2025 and approved Q1 FY26 unaudited results showing revenue from operations of ₹1,302.64 lakhs, down from ₹1,550.03 lakhs in the same quarter last year. Profit after tax fell to ₹194.75 lakhs from ₹260.31 lakhs, translating to EPS of ₹5.67. The board also accepted the resignation of statutory auditor M/s Parin Patwari & Co. effective July 22, 2025 — about 2.5 years before their term was scheduled to end in 2027. The auditor cited the personal reason of winding down the proprietorship firm and confirmed no governance or audit-related concerns. Separately, M/s K.P. Rachchh & Co. was appointed as Secretarial Auditor for a 5-year term (FY26–FY30), subject to shareholder approval. Notably, no replacement statutory auditor has been named yet.

Likely market impact

Shareholders should note that a statutory auditor resigned mid-term, though the stated reason (closure of the audit firm's proprietorship) appears non-adverse and the auditor submitted a clean limited review report before stepping down. The company now needs to appoint a new statutory auditor soon to remain compliant, and the weaker Q1 numbers (revenue and profit both down year-on-year) may weigh on sentiment in the near term.