NewsEarnings7NR Retail Reports Q1 Loss, Appoints New Independent Director and Secretarial Auditor7NR Retail Reports Q1 Loss, Appoints New Independent Director and Secretarial Auditor
7NR Retail Limited reported a net loss of ₹10.50 lakhs for Q1, an improvement from ₹50.64 lakhs loss in the same quarter last year. Revenue increased by 22.4% to ₹495.31 lakhs. The company appointed Ms. Krishna Hareshbhai Bhatt as an Additional Non-Executive and Independent Director for a 5-year term. M/S Jay Pandya & Associates were appointed as Secretarial Auditor. The board reconstituted its Audit, Nomination and Remuneration, and Stakeholder Relationship Committees. The 13th Annual General Meeting is scheduled for September 10 via video conferencing.
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7NR Retail Limited, a textile trading company, has reported its financial results for the first quarter, along with key board decisions including new appointments.
Financial Performance
The company reported a net loss of ₹10.50 lakhs for the quarter, an improvement from the loss of ₹50.64 lakhs in the same quarter last year. Revenue from operations increased to ₹495.31 lakhs, up from ₹404.72 lakhs year-over-year, representing a growth of 22.4%.
| Particulars (in ₹ lakhs) | Q1 | Q1 (Previous Year) | % Change |
|---|---|---|---|
| Revenue from Operations | 495.31 | 404.72 | 22.4% |
| Net Loss | (10.50) | (50.64) | 79.3% |
| Earnings per Share (₹) | (0.04) | (0.18) | 79.6% |
The company's total income for the quarter stood at ₹508.07 lakhs, which included other income of ₹12.76 lakhs. The earnings per share for the quarter improved to -₹0.04 from -₹0.18 in the corresponding quarter of the previous year.
Board Decisions and Appointments
In a board meeting held on August 6, 7NR Retail made several key decisions:
New Independent Director: The board appointed Ms. Krishna Hareshbhai Bhatt as an Additional Non-Executive and Independent Director for a term of 5 years, effective August 6, subject to shareholder approval. Ms. Bhatt is a qualified Company Secretary with over 5 years of experience in corporate law, secretarial compliance, governance, and finance.
Secretarial Auditor: M/S Jay Pandya & Associates, Practicing Company Secretaries, were appointed as the Secretarial Auditor for a term of 5 years, pending shareholder approval. The firm specializes in company law, securities laws, and corporate governance services.
Committee Reconstitution: Following the new appointment, the board reconstituted its Audit Committee, Nomination and Remuneration Committee, and Stakeholder Relationship Committee.
Annual General Meeting
The company announced that its 13th Annual General Meeting (AGM) will be held on Wednesday, September 10, at 04:00 P.M. through Video Conferencing / Other Audio-Visual Means (OVAM) in accordance with applicable regulatory circulars.
7NR Retail Limited continues to operate primarily in the textile trading segment. The company's management and newly appointed independent director are expected to focus on improving financial performance and strengthening corporate governance in the coming quarters.
Historical Stock Returns for 7NR Retail
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.69% | -2.72% | -1.83% | -24.87% | -28.50% | -10.25% |
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