As per letter attached. The Board approved appointment of Smt. Manju Bagga and noted Cessation of Shri Praveen Kumar as per LIC Corporate Policy. Kindly refer Annexures B & D respectively.
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Simplex Realty's board approved audited financial results for Q4 and FY25 on 21st May 2025. Standalone total income rose to ₹1,259.97 lakhs (vs ₹847.31 lakhs in FY24), but standalone profit after tax fell sharply to ₹131.64 lakhs (vs ₹518.03 lakhs) because the previous year included a one-time exceptional gain of ₹424.07 lakhs. Basic EPS for FY25 stood at ₹4.40 (standalone) and ₹4.35 (consolidated), and auditors issued an unqualified opinion. Smt. Manju Bagga, a senior LIC professional, was appointed as an Additional Non-Executive Director effective 25th May 2025, while Shri Praveen Kumar ceased as Non-Executive Director effective 24th May 2025 due to LIC's internal tenure policy. The board also approved incorporating a wholly owned subsidiary (Simplex Dream Homes Pvt Ltd) for new real estate projects and a joint venture with Modern Estates India Pvt Ltd in Simplex Modern Home Pvt Ltd (49% to the JV partner).
Results show a normalisation in profits after last year's exceptional item boost, with core operations broadly stable; the director change is a routine LIC-nominee rotation rather than a governance concern. The new subsidiary and JV signal an intent to expand into fresh real estate projects, which could support future revenue but adds execution risk.