Advance Petrochemicals Reports Q1 Results, Appoints Key Auditors

Advance Petrochemicals Ltd , a leading player in the petrochemical industry, has announced its financial results for the first quarter, along with several key corporate governance updates.

Q1 Financial Performance

The company reported revenue from operations of ₹951.09 lakhs for the quarter, compared to ₹1,080.19 lakhs in the corresponding quarter of the previous year, indicating a slight decrease in top-line performance. Despite challenging market conditions, Advance Petrochemicals managed to maintain profitability, posting a net profit of ₹1.18 lakhs for the quarter.

Financial Highlights

The company's total income for the quarter stood at ₹953.15 lakhs, which included other income of ₹2.16 lakhs. Total expenses were reported at ₹951.68 lakhs, with the cost of materials consumed being the largest component at ₹773.36 lakhs.

Corporate Governance Updates

In addition to the financial results, Advance Petrochemicals announced several key appointments and reappointments:

1. Statutory Auditors: The Board of Directors, based on the Audit Committee's recommendation, approved the reappointment of M/s. Suresh R Shah & Associates, Chartered Accountants, as the company's Statutory Auditors. This reappointment is for a second term of five consecutive years, starting from the conclusion of the 40th Annual General Meeting (AGM) until the 45th AGM to be held in 2030, subject to shareholders' approval.

2. Secretarial Auditor: M/s. Patawari & Associates, Practising Company Secretaries, have been appointed as the Secretarial Auditor for a period of five consecutive years. The firm, led by Mr. Sourabh Patawari, brings over 10 years of experience in corporate laws, secretarial compliances, and listing regulations.

3. Internal Auditor: Tibrewal Bhagat & Associates, Chartered Accountants, have been appointed as the Internal Auditor.

Additional Corporate Actions

The Board of Directors also approved the following:

• The notice for convening the 40th Annual General Meeting of the company.
• The draft Directors' Report along with its annexures.
• The appointment of M/s. Patawari & Associates as the Scrutinizer for remote e-voting and voting during the AGM.

Pulkit Goenka, Managing Director of Advance Petrochemicals Ltd, stated, "Despite the challenging market conditions, we have maintained our operational efficiency and profitability. The reappointment of our auditors and the new appointments reflect our commitment to strong corporate governance and transparency."

The company's focus on maintaining a robust financial position and strengthening its corporate governance framework demonstrates its dedication to long-term stability and growth in the competitive petrochemical sector.