Resignation of Mr. Deepak R. Ramachandra (DIN:10633078), Non-Executive Independent Director of the Company.
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Mr. Deepak Ramachandra tendered his resignation as Non-Executive Independent Director effective May 21, 2026, citing professional commitments. The company confirmed there are no other material reasons for the resignation. Simultaneously, the board appointed Mr. John Gloster as an Additional Non-Executive Independent Director to fill the vacancy. The company also reported FY2025-26 audited results: standalone revenue grew 10.6% to Rs 1,026.67 crore, but standalone net profit fell 46% to Rs 25.26 crore due to higher costs. Consolidated net profit dropped sharply to Rs 3.31 crore from Rs 34.33 crore. The board recommended a dividend of Rs 0.50 per share (10%) subject to shareholder approval at the AGM.
The resignation of an independent director and the sharp profit decline may concern investors. However, the immediate appointment of a replacement director and the clean audit opinion (unmodified) provide some stability. The dividend recommendation offers shareholder returns despite lower profitability.