Antariksh Industries Limited has released its unaudited financial results for the quarter and half-year ended September 30, revealing a significant decline in revenue and profit compared to the same period last year.

Financial Performance Highlights

The company, which operates in real estate and trading activities, reported the following key figures for Q2:

For the half-year ended September 30:

Balance Sheet Overview

The company's balance sheet as of September 30 showed significant changes compared to March 31:

Management Commentary

The financial results were approved by the Board of Directors at their meeting held on October 10. The company's Managing Director, Bhagwanji Narsi Patel, oversaw the approval of these results.

Auditor's Review

D M K H & Co., Chartered Accountants, conducted a limited review of the financial results. They stated that nothing has come to their attention that causes them to believe that the financial results do not present a true and fair view in accordance with applicable accounting standards and other recognized accounting practices and policies.

Key Observations

• The company experienced a sharp 89.59% year-over-year decline in quarterly revenue.
• Net profit for the quarter decreased by 95.39% compared to the same period last year.
• Total assets reduced by 74.39% from March 31 to September 30.
• Trade payables saw a substantial reduction of 97.99%, dropping from ₹547.09 lakh to ₹10.97 lakh.

The significant decline in revenue and profit suggests challenging market conditions for Antariksh Industries' real estate and trading activities. The sharp decrease in trade payables indicates a substantial reduction in the company's short-term obligations to creditors, which could be a result of settling accounts or a decrease in business activity.

Antariksh Industries Limited's Committee of Independent Directors (IDC) has unanimously recommended the open offer made by Mrs. Gitaben Nitinbhai Patel to acquire a significant stake in the company. The offer, which aims to purchase 52,000 equity shares representing 26% of the company's voting share capital, has been deemed fair and reasonable by the committee.

Offer Details

The open offer, priced at Rs 96.00 per share, comes under the purview of the Securities and Exchange Board of India (SEBI) Substantial Acquisition of Shares and Takeovers Regulations, 2011. D & A Financial Services is managing the offer as per SEBI guidelines.

Committee's Recommendation

The IDC, comprising Mr. Manish Heeralal Chandak (Chairman) and Mrs. Sandhya Krishna Karanjavkar (Member), based their recommendation on several key factors:

1. Infrequent Trading: The company's shares are infrequently traded on the BSE, as defined by SEBI regulations.
2. Fair Value Assessment: Chartered accountants conducted a fair value assessment, arriving at a value of Rs 95.34 per share.
3. Offer Price Justification: The offer price of Rs 96.00 per share is deemed justified under SEBI regulations.

Committee's Independence

The IDC emphasized that neither of its members holds equity shares in Antariksh Industries Limited or has any relationship with the acquirer, Mrs. Gitaben Nitinbhai Patel. This underscores the impartiality of their recommendation.

Shareholder Advisory

While the committee views the offer price as fair and reasonable, they advise shareholders to independently evaluate the offer and make informed decisions.

About Antariksh Industries Limited

Antariksh Industries Limited (CIN: L74110MH1974PLC017806) is headquartered at Mezzanine Area-G/54, Ground Floor, Eternity, Commercial Premises Co-Op, Society Ltd. Teen Hath Naka, L.B.S. Marg, Thane-(W), Maharashtra-400604. The company can be contacted at 022 25830011 or via email at antarikshindustrieslimited@gmail.com .

Shareholders and interested parties are encouraged to review the detailed offer documents for complete information regarding the open offer and its terms.