Orosil Smiths India Limited (OSIL) has encountered a significant setback in its property sale agreement for its Noida property, as revealed in a recent regulatory filing to the Bombay Stock Exchange (BSE).

Deal Details

The company had entered into an agreement to sell its property located at A-89, Sector-2, Noida – 201301 to Mr. Sanidhya Garg for a total consideration of ₹27.00 crore. The payment structure was as follows:

• ₹5.00 crore received as advance
• ₹20.00 crore to be paid through post-dated cheques
• ₹2.00 crore to be paid at the time of registration

Payment Default

In a troubling turn of events, all four post-dated cheques totaling ₹20.00 crore were returned unpaid due to insufficient funds. The details of the returned cheques are:

Company's Response

OSIL has stated that it is actively pursuing the matter with the buyer to protect its interests. The company has committed to communicating further developments to the stock exchange as they unfold.

Regulatory Compliance

This disclosure was made by OSIL in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has been keeping the BSE informed about the progress of this property sale through a series of intimations.

The situation highlights the risks associated with large property transactions and the importance of robust payment mechanisms. Investors and stakeholders will be keenly watching how Orosil Smiths India Limited navigates this challenge and secures its financial interests in the coming days.

Orosil Smiths , a New Delhi-based company listed on the BSE under scrip code 531626, has reported a significant increase in total income for the first quarter. However, the company's net profit saw a decline compared to the previous quarter.

Revenue Soars

The company's total income for Q1 stood at Rs. 97.49 lakhs, marking a substantial rise from Rs. 4.89 lakhs in the same quarter of the previous fiscal year. This represents a year-on-year growth of nearly 1,894%, indicating a remarkable improvement in the company's top-line performance.

Profit Declines

Despite the impressive revenue growth, Orosil Smiths experienced a decrease in its net profit after tax. The company reported a net profit of Rs. 3.44 lakhs for Q1, down from Rs. 81.07 lakhs in the previous quarter. This represents a significant quarter-on-quarter decline in profitability.

Key Financial Metrics

All figures in Rs. lakhs, except EPS in Rs.

The company's earnings per share (EPS) for the quarter stood at Rs. 0.01.

Regulatory Compliance

In compliance with SEBI regulations, Orosil Smiths has published its revised unaudited financial results for the quarter ended June 30, in both Hindi and English newspapers. The company has also filed these results with the stock exchange, as confirmed in their LODR (Listing Obligations and Disclosure Requirements) filing.

The full details of the quarterly financial results are available on the BSE website and the company's official website at www.orosil.com .

Investors and stakeholders are advised to review the complete financial statements for a comprehensive understanding of the company's performance and financial position.