Sri Lotus Developers and Realty Limited has informed the Exchange regarding Change in Auditors of the company.
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Awaiting price reaction for this filing.
The board of Sri Lotus Developers and Realty met on August 26, 2025 and approved unaudited financial results for Q1 FY26 (quarter ended June 30, 2025). On a consolidated basis, revenue from operations was ₹613.18 million and net profit was ₹257.88 million, a sharp drop from ₹1,900.30 million and ₹858.98 million respectively in Q4 FY25. Standalone revenue was ₹466.50 million with a net profit of ₹227.20 million. The board also appointed M/s Vishal N Manseta, Practicing Company Secretaries, as the new Secretarial Auditor for a five-year term (FY 2025-26 to FY 2029-30), subject to shareholder approval. Additionally, the Sri Lotus Developers Employee Stock Option Plan 2024 was ratified, also pending shareholder approval. Statutory auditor T. P. Ostwal & Associates LLP remains unchanged and issued an unmodified limited review report.
Despite the headline mentioning a change in auditors, the actual change is the appointment of a Secretarial Auditor, which is a routine compliance requirement under Section 204 of the Companies Act and SEBI's Regulation 24A. The statutory auditor continues unchanged, so no governance red flag. The sharp sequential drop in Q1 revenue and profit vs. Q4 FY25 may be seasonal for the real estate business and is worth watching, but is not unusual for the sector.