As per letter attached. The Board approved the proposal for incorporation of subsidiary. Kindly refer annexure C
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Simplex Realty's board, at its 21st May 2025 meeting, approved audited financial results for Q4 and FY25, receiving an unmodified opinion from auditors. FY25 total income rose to ₹1,259.97 lakhs from ₹847.31 lakhs, but profit after tax fell sharply to ₹131.64 lakhs (from ₹518.03 lakhs) and EPS dropped to ₹4.40 (from ₹17.32), with last year's figures boosted by exceptional items of ₹424.07 lakhs. The board approved incorporating a wholly owned subsidiary, 'Simplex Dream Homes Private Limited,' with ₹1 lakh capital for real estate projects and partnerships. It also approved a joint venture between subsidiary Simplex Modern Home Pvt Ltd and Modern Estates India Pvt Ltd, with the JV partner taking 49% stake. Additionally, Smt. Manju Bagga was appointed as Non-Executive Director, Shri Praveen Kumar resigned (per LIC policy), and new secretarial auditors were appointed for five years.
The sharp drop in profits is largely a comparison effect — FY24 had a one-time exceptional gain, so core business performance is more relevant for shareholders. The new subsidiary and JV signal plans to expand real estate activity, which could support future revenue but adds modest dilution risk at the subsidiary level. Director changes are routine.