Archidply Decor Reports Narrowed Loss in Q1, Reappoints Independent Directors

Archidply Decor Limited , a wood-based products manufacturer, has reported its financial results for the first quarter, showing a reduction in net loss despite a decline in revenue. The company has also announced the reappointment of two independent directors for a second term.

Financial Performance

For the quarter ended June 30, Archidply Decor reported:

• Net loss of Rs 14.43 lakhs, compared to a loss of Rs 21.87 lakhs in the same quarter last year
• Revenue from operations declined to Rs 1,106.01 lakhs from Rs 1,234.97 lakhs year-over-year
• Total income decreased to Rs 1,135.07 lakhs from Rs 1,262.74 lakhs
• Total expenditure stood at Rs 1,153.87 lakhs
• Loss before tax of Rs 18.79 lakhs
• Basic and diluted earnings per share at negative Rs 0.26

The company's financial performance shows a mixed picture, with a narrowed loss despite decreased revenue. The reduction in net loss by approximately 34% year-over-year suggests improved cost management or operational efficiencies.

Segment Information

Archidply Decor operates in a single segment of wood-based products, as disclosed in their financial statement notes.

Board Approval and Audit Review

The unaudited standalone financial results were approved by the Board of Directors on August 13, following a review by the Audit Committee. The statutory auditors, GRV & PK, conducted a limited review of these results as required under SEBI regulations and issued an unqualified review report.

Reappointment of Independent Directors

In a separate announcement, Archidply Decor's Board of Directors has approved the reappointment of two independent directors for a second term of five years, subject to shareholder approval:

1. Mr. Neeraj Kumar Mittal (DIN: 00900714): Reappointed from September 29 to September 28, for a five-year term. Mr. Mittal brings over 30 years of expertise in business management, finance, and accounts, with significant experience in the plastics industry.

2. Mr. Dinesh Kumar Marda (DIN: 03267281): Reappointed for the same period as Mr. Mittal. Mr. Marda has over 35 years of experience in managing businesses in the granite and paper industries.

Both directors have confirmed their independence status as per the Companies Act, 2013, and SEBI Listing Regulations.

These reappointments aim to maintain continuity in the company's governance structure and leverage the directors' extensive industry experience for Archidply Decor's future growth and strategic direction.

The company's focus on strengthening its board while navigating challenging market conditions reflects its commitment to robust corporate governance and long-term stability.