Newtrac Foods & Beverages Limited has accepted the resignation of Drumil Ashok Gandhi as an Independent Director, effective July 30, 2026. The departure, driven by Gandhi’s personal reasons and other professional commitments, alters the composition of the Board of Directors and may necessitate a search for a replacement to maintain regulatory compliance regarding independent director quotas.

The company disclosed the resignation on August 1, 2026, pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The intimation was submitted to BSE Limited, where Newtrac Foods & Beverages Limited is listed under Scrip Code 514060. The disclosure also references SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Gandhi, holding DIN 09766106, tendered his resignation from the close of business hours on July 30, 2026. In his resignation letter, he stated that preoccupation with other professional assignments and personal commitments required increased attention, making it difficult to discharge his responsibilities with the necessary focus. He confirmed that there were no other material reasons for his resignation beyond those stated.

The Board of Directors took note of the resignation and placed on record its appreciation for Gandhi’s guidance, support, and contribution during his tenure. Mahendra Kumar Jagdeesh Patel (DIN: 10782956), a Director at the company, signed the disclosure letter.

Resignation Details

Regulatory Compliance

The company ensured compliance with the Companies Act, 2013, and the SEBI LODR Regulations, 2015. The filing included Annexure A with specific disclosures required by SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. Gandhi confirmed he holds no directorships in other listed entities and provided no additional material reasons for his exit.

Newtrac Foods & Beverages Limited returned to profitability in the quarter ended June 30, 2026, posting a net profit of ₹8.30 lakh compared to a net loss of ₹617.28 lakh in the preceding quarter. The company’s financial performance was driven by a sharp increase in revenue from operations, which rose to ₹2,200.01 lakh from ₹294.77 lakh in the quarter ended March 31, 2026. Total revenue for the quarter stood at ₹2,206.85 lakh.

The Board of Directors approved the unaudited financial results for the first quarter of FY27 on July 10, 2026. The results were reviewed by the audit committee and received a limited review report from Sarang Shivajirao Chavan and Associates, Chartered Accountants. While the auditors expressed an unmodified opinion on the results, they highlighted specific compliance issues observed during the review process.

Sarang Shivajirao Chavan and Associates noted that the company did not comply with certain statutory requirements under the Income-tax Act, 1961, relating to the timely deposit and filing of Tax Deducted at Source (TDS) statements. Consequently, interest, penalties, and other liabilities arising from this non-compliance have not been ascertained or provided for in the books of accounts. The auditors stated this constitutes a non-compliance that may have a material impact on the financial statements.

Additionally, the auditors reported that certain original sales and purchase invoices for the year were not available for verification. Management provided alternative supporting documentation and represented that the underlying transactions were duly recorded. Total expenses for the quarter increased to ₹2,198.55 lakh, primarily driven by purchases of stock-in-trade amounting to ₹2,149.99 lakh.

The company’s earnings per share (EPS) on a basic and diluted basis stood at ₹0.04 for the quarter, recovering from a negative EPS of ₹3.22 in the previous quarter. The paid-up equity share capital remained unchanged at ₹1,920.00 lakh. The trading window for dealing in the company's securities will remain closed for designated persons until 48 hours after the declaration of the financial results.

Financial Performance Summary