The Board at its meeting held today has; 1. Re-appointed Internal Auditor and 2. Re-appointed Cost Auditor.
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IP Rings Ltd reported a strong turnaround with standalone profit after tax of Rs 269.18 lakhs for FY26 compared to a loss of Rs 319.79 lakhs in FY25. Revenue from operations grew 11% to Rs 33,678.62 lakhs from Rs 30,337.55 lakhs. The Board also re-appointed M/s A N Raman & Associates as Cost Auditors and M/s S K R and Company LLP as Internal Auditors for FY27. Additionally, Mr. Balavijay an Nagarajan was appointed as Additional Director. The statutory auditors issued an unmodified (clean) opinion on both standalone and consolidated financials. An exceptional item of Rs 137.21 lakhs was recorded due to labour code implementation impact. Consolidated PAT was Rs 171.93 lakhs vs loss of Rs 442.60 lakhs in prior year, with the joint venture contributing a loss of Rs 106.61 lakhs.
The company has returned to profitability with clean audit opinion, which should be positive for investor confidence. Revenue growth of 11% and significant PAT improvement from losses indicate operational recovery, though the joint venture continues to drag on consolidated results.