Archies Limited Reports Profit Turnaround, Announces Board Changes and Financial Results

Archies Limited , a prominent player in the social expression industry, has reported a significant turnaround in its financial performance for the quarter ended June 30. The company has also announced key board appointments and committee restructuring, signaling a strategic shift in its governance structure.

Financial Performance

Archies Limited reported a profit of Rs 30.01 lakhs for the quarter, marking a substantial improvement from a loss of Rs 101.61 lakhs in the same quarter last year. The company's revenue from operations increased to Rs 1,352.16 lakhs from Rs 1,320.17 lakhs year-over-year, indicating a modest growth in its business activities.

Segment-wise Performance

The company's financial results reveal a diverse revenue stream across different segments:

Stationery and Paper Bag emerged as the highest revenue contributor, followed by Gifts and Greeting Cards.

Board Appointments and Restructuring

Archies Limited announced several key appointments to its board:

1. Mr. Jagdish Moolchandani has been re-appointed as Executive Director for three years from September 28.
2. Ms. Hanisha has been appointed as Additional Executive Director for two years from August 13.
3. Mr. Shreyans Kataria has been appointed as Additional Independent Director for five years from August 13.

All these appointments are subject to shareholder approval.

Committee Restructuring

Following these appointments, the company has restructured its Audit Committee and Nomination & Remuneration Committee. Both committees will now include Mr. Shreyans Kataria as a member, alongside existing members Mr. Rajinder Kumar Verma (Chairman), Mrs. Sona Mitul Adhia, and Mr. Faizan Rashid Bhat.

Other Key Developments

• M/s Dayal & Maur have been re-appointed as Secretarial Auditors for five years.
• M/s Uberoi Sood and Kapoor have been re-appointed as Tax Auditor.
• The 35th Annual General Meeting is scheduled for September 24.

Auditor's Review

The limited review report by Uberoi Sood & Kapoor, Chartered Accountants, noted that they were unable to comment on the value of inventory and that the company had not deposited statutory dues for the quarter ended June 30, except for Employees' State Insurance Corporation dues.

These developments reflect Archies Limited's efforts to strengthen its financial position and corporate governance structure as it navigates the evolving market landscape in the social expression industry.