The Board at its meeting held today approved the appointment of Internal Auditor for the FY 2026-27.
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The board approved FY2026 audited results showing revenue from operations of Rs 6,311.62 million (up 4.6% from Rs 6,035.90 million). However, profit after tax declined significantly to Rs 234.06 million from Rs 305.76 million in FY2025, a drop of about 23.5%. EPS stood at Rs 5.89 versus Rs 7.72 previously. Statutory auditors issued a QUALIFIED OPINION due to the company not maintaining proper quantitative stock records for 5 consecutive years, despite physical inventory counts being conducted. The board also appointed M/s Ajit M. Joshi and Associates as internal auditor for FY2026-27.
The qualified audit opinion raises concerns about internal controls and record-keeping practices, which may concern quality-focused investors. While revenue grew modestly, the sharp profit decline and ongoing auditor qualification suggest operational or cost management challenges that shareholders should monitor.