Rita Finance & Leasing has accepted the resignation of Mr. Mahesh Anand Dhanavade as Non-Executive Independent Director, effective August 29, 2026.

The departure follows a formal intimation to the BSE and MSEI under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that there are no other material reasons for the exit beyond personal grounds stated in the resignation letter.

Resignation Details

Mr. Dhanavade, identified by DIN 07782425, tendered his resignation from the office of Non-Executive Independent Director. He confirmed that his decision was driven solely by personal reasons and denied any other undisclosed factors requiring attention from shareholders or regulators.

The Board of Directors acknowledged his contribution during his tenure. The company noted that he holds no other directorships in listed entities at the time of cessation.

Regulatory Compliance

The disclosure aligns with SEBI Circular No. SEBI/HO/CFD/CFD-PoD1/P/CIR/2023/123 dated July 13, 2023. Sandip Patel, a director with DIN 10849576, signed the communication on behalf of the company.

Rita Finance and Leasing reported a standalone net profit of ₹15.20 lakh for the first quarter ended June 30, 2026, down from ₹22.20 lakh in the corresponding period of the previous year. While revenue from operations expanded to ₹42.61 lakh from ₹36.66 lakh, the bottom line was pressured by rising finance costs.

The Board of Directors approved the unaudited financial results in its meeting held on August 13, 2026, at the company’s corporate office in Ahmedabad. The approval was granted under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Sandip Patel, Director, authorized the communication to stock exchanges.

Financial Performance

Total income for the quarter stood at ₹44.13 lakh, comprising ₹42.61 lakh from interest income and ₹1.52 lakh from other income. In contrast, total income for Q1FY25 was ₹36.66 lakh, with no other income recorded.

Finance costs surged to ₹1.20 lakh in Q1FY26 compared to nil in Q1FY25. Other expenses also increased significantly to ₹22.81 lakh from ₹5.39 lakh in the prior year period. Employee benefit expenses declined to ₹0.60 lakh from ₹1.65 lakh.

Profit before tax and exceptional items fell to ₹19.49 lakh from ₹29.60 lakh. After accounting for current tax expenses of ₹4.29 lakh (compared to ₹7.40 lakh in Q1FY25), the net profit for the period was ₹15.20 lakh.

Auditor Review

The limited review of the unaudited financial results was conducted by Parth R Shah and Co., the statutory auditors. The review report states that nothing has come to their attention to cause them to believe that the financial statements have not disclosed the information required under SEBI regulations or contain any material misstatement.

The company operates in a single reportable segment: Financial Services (including NBFC). The earnings per equity share for the quarter were ₹0.15, down from ₹0.22 in Q1FY25.