The Hi-Tech Gears Limited has informed the Exchange regarding Change in Auditors of the company.
HITECHGEAR · price
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The Hi-Tech Gears Limited's board, at its meeting on August 11, 2025, approved the unaudited financial results for Q1 FY26 (quarter ended June 30, 2025). Standalone revenue from operations fell to ₹1,545.43 million from ₹1,742.72 million a year ago, and standalone profit after tax dropped to ₹93.92 million from ₹143.66 million, a decline of roughly 35%. Consolidated profit after tax fell sharply to ₹59.98 million from ₹142.37 million, mainly because the Canada segment's profit collapsed to ₹6.75 million from ₹60.70 million. The board also appointed M/s. PG & Associates as the new Secretarial Auditor for five financial years (FY 2025-26 to FY 2029-30), subject to shareholder approval, and approved the reclassification of Dev Darshan Construction Private Limited from the 'Promoter Group' category to the 'Public' category, pending stock exchange approval.
The sharp fall in consolidated profits, driven by weak Canada segment performance, is a negative signal for short-term sentiment. The promoter reclassification slightly reduces promoter concentration but needs NSE/BSE approval before taking effect; appointment of a new secretarial auditor is a routine governance matter.