Board approves Q1 results, CFO change, name change and new business plans
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Board approved Q1 FY27 results with revenue of Rs 1,039.93 lakh versus Rs 63.96 lakh YoY and profit after tax of Rs 847.65 lakh against a loss of Rs 26 lakh earlier. CFO Deepak Jhunjhunwala resigned and Bhawana Jha was appointed as new CFO. Board also approved entry into distressed retail loan portfolio business via agreement with Ringo Fincap, proposed renaming the company to Nicoindia Finance and Investment Limited, and revised MD remuneration to Rs 25,000 per month.
Sharp turnaround to profit and major pivot toward financial services business. Leadership change and proposed name change signal a strategic shift that could attract investor interest.