Submission of Sixth Annual report of the Company along with the Notice of Annual General Meeting
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Awaiting price reaction for this filing.
Shine Fashions has filed its sixth annual report for FY 2024-25 with BSE. The company posted strong financial results with revenue from operations rising to Rs. 80.45 crore from Rs. 52.89 crore (about 52% growth), while profit after tax grew 79.64% to Rs. 6.97 crore from Rs. 3.88 crore. The board has recommended a dividend of Rs. 0.125 per share and a bonus issue in the ratio of 7:1, subject to shareholder approval. During the year, 5,60,000 convertible warrants were issued at Rs. 207 each to promoters and non-promoters, of which multiple tranches have already been converted into equity shares. The company has approved its first manufacturing unit for interlining products as a backward integration move, described as a first-of-its-kind project in India, though management flagged teething troubles and slow progress in implementation.
This is largely a positive disclosure for shareholders, showing strong revenue and profit growth, a maiden dividend, and a generous 7:1 bonus issue proposal. However, the slow progress of the new manufacturing project and the company not spending its mandatory CSR amount are minor concerns. The proposed bonus issue and ongoing warrant conversions will increase the share count meaningfully and could dilute EPS going forward.