Approved Statement of Deviation and Variation for the half year and financial year ended March 31, 2025
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TGIF Agribusiness reported audited FY25 results with revenue from operations of Rs 334.37 lakhs, more than doubling from Rs 153.48 lakhs in FY24. Total income stood at Rs 359.11 lakhs and profit after tax jumped to Rs 173.82 lakhs from Rs 67.26 lakhs, with EPS of Rs 6.72. The statutory auditor (Samir M. Shah & Associates) issued an unmodified (clean) opinion. Mr. Indrajeet Mitra was redesignated as Non-Executive Non-Independent Director and Chairperson, replacing Mr. Niraj Gemawat in the chair role. The board appointed Ms. Zalak Chokshi as Internal Auditor for FY26 and M/s Shalini Pandey & Associates as Secretarial Auditor for five years. The IPO fund utilization statement confirms no deviation from the original objects, with Rs 186.01 lakhs utilized so far out of the Rs 639.47 lakhs raised in May 2024.
Strong revenue and profit growth in the first full year post-IPO, combined with a clean audit and on-track use of IPO funds, is positive for shareholders. The board reshuffle and fresh auditor appointments are routine governance actions and unlikely to materially move the stock, though investors may note that most IPO proceeds are still unutilized.