Intimation regarding appointment of Secretarial Auditors for a period of 5 years, subject to approval of shareholders
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Awaiting price reaction for this filing.
Magna Electro Castings reported strong FY25 results with revenue from operations up ~23% YoY to Rs. 176.45 crore and net profit up ~53% to Rs. 23.12 crore (EPS Rs. 54.62 vs Rs. 35.70). The board recommended a 60% final dividend (Rs. 6 per share) for FY25, subject to shareholder approval. The board also proposed appointing Sri. Ajeya Vel Narayanaswamy — son of Managing Director N. Krishnasamaraj — as Executive Director (Marketing) for a 5-year term, pending shareholder approval. Additionally, M/s. MDS & Associates LLP was proposed as Secretarial Auditor for 5 years (FY26 onwards), M/s. G S N & Associates appointed as Internal Auditor for FY26, and M/s. SBK & Associates re-appointed as Cost Auditor for FY26. The 35th AGM is fixed for September 4, 2025 via video conferencing, and a material related-party transaction with Samrajyaa and Company is recommended for shareholder approval.
Strong earnings growth and a 60% dividend reflect healthy financials and likely positive sentiment. However, the elevation of the MD's son to the executive board, combined with a related-party transaction involving a promoter-linked entity, may draw governance scrutiny from institutional shareholders. The 5-year auditor appointments are routine compliance actions.