Outcome of the Board Meeting dated 23.05.2025
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The Board approved audited financial results for Q4 and FY ended March 31, 2025. Standalone total income for FY25 stood at Rs 4,421.82 lakhs versus Rs 23,967.85 lakhs in FY24 (sharp drop reflects reclassification/exceptional items). Standalone net profit for FY25 fell to Rs 117.96 lakhs (vs Rs 241.09 lakhs in FY24), with Q4 net profit at Rs 29.44 lakhs (vs Rs 67.50 lakhs). Basic EPS for FY25 was Rs 2.07 vs Rs 4.32 in FY24. The company booked an exceptional item of Rs 58.53 lakhs as provision for an old sub-judice amount lying with City Civil Court-Bombay. The Board appointed Sudhansu Sekhar Panigrahi as Secretarial Auditor for 5 years (FY26-FY30). Mr. Ajay Kumar Kayan resigned from the Board citing personal reasons, and Mr. Saharsh Parekh was appointed as Additional Director (Non-Executive, Non-Independent, Promoter) — he is the son of Chairman Utsav Parekh and brother of Joint Managing Director Samarth Parekh. His appointment is subject to shareholder approval.
Profitability has declined notably year-over-year with EPS roughly halving, but the appointment of a promoter-family member strengthens promoter representation on the Board. The exceptional provision, while small, signals the company is cleaning up legacy exposures; investors should watch for shareholder approval on the new director and any further board reshuffles.