Aeonx Digital Technology , formerly known as Ashok Alco-Chem Limited, a company operating in the Sale of Product and IT Services segments, has announced its financial results for the quarter and year ended March 31, 2022, along with key corporate decisions.

Financial Performance

The company reported consolidated net sales of Rs. 2,057.49 lakhs for the fiscal year ended March 31, 2022, compared to Rs. 2,699.50 lakhs in the previous year, indicating a decrease in revenue. Despite the decline in sales, the Board of Directors has approved the audited standalone and consolidated financial results for the period.

Dividend Announcement

In a move that may interest shareholders, the Board of Directors has recommended a dividend of 5%, which translates to Re. 0.50 per equity share with a face value of Rs. 10 each. This dividend payout is subject to shareholder approval at the upcoming Annual General Meeting (AGM).

Appointment of New Statutory Auditors

The Board has also made a significant decision regarding the company's auditing process. M/s R. A. Kuvadia & Co, Chartered Accountants, have been appointed as the new Statutory Auditors for the company. Their term is set for five years, spanning from the 30th AGM to the 35th AGM, which is scheduled to be held in 2027. This appointment is pending shareholder approval.

Audit Opinion

It's worth noting that the auditors have issued an unmodified opinion on the financial results, which generally indicates that the financial statements present a true and fair view of the company's affairs.

Segment Operations

Aeonx Digital Technology operates in two primary segments:

1. Sale of Product
2. IT Services

This diversification in operations allows the company to maintain multiple revenue streams.

While the company has seen a decrease in net sales compared to the previous year, the decision to recommend a dividend suggests a commitment to shareholder returns. Investors and stakeholders will likely be watching closely to see how Aeonx Digital Technology navigates the challenges and opportunities in its operating segments in the coming fiscal year.

Aeonx Digital Technology , a player in the polished diamonds & jewellery and real estate segments, has reported a significant turnaround in its financial performance for the first quarter.

Strong Revenue Growth

The company's total income for Q1 stood at Rs 664.05 lakhs, marking a substantial 150.80% increase from Rs 264.80 lakhs in the corresponding quarter of the previous fiscal year. This impressive growth demonstrates a robust recovery in the company's operations.

Return to Profitability

Aeonx Digital Technology has successfully returned to profitability, reporting a net profit of Rs 29.91 lakhs in Q1. This is a notable improvement from the loss of Rs 3.41 lakhs incurred in the same period last year. The company's net profit margin improved to 4.50% from negative 1.30% year-over-year, indicating enhanced operational efficiency.

Segment Performance

Diamonds & Jewellery

The diamonds & jewellery segment, which contributes over 82% of the company's total revenue, generated Rs 493.33 lakhs in Q1, up from Rs 257.08 lakhs in the previous year. This segment continues to be the primary driver of the company's growth.

Real Estate

The real estate segment witnessed significant growth, with revenues surging to Rs 101.87 lakhs compared to Rs 5.62 lakhs in the same quarter of the previous year. However, this segment reported a loss of Rs 22.68 lakhs, indicating ongoing challenges in the real estate market.

Improved Earnings Per Share

The company's earnings per share (EPS) improved to Rs 0.36 from negative Rs 0.04 in the corresponding quarter of the previous year, reflecting the positive impact of increased profitability on shareholder returns.

Financial Position

As of June 30, Aeonx Digital Technology reported:

The company's low liabilities indicate a strong balance sheet position.

The management of Aeonx Digital Technology has expressed satisfaction with the company's performance, attributing the turnaround to strategic initiatives and improved market conditions. The company remains focused on capitalizing on growth opportunities in both its core segments while managing costs effectively.