Garnet International Limited, a Mumbai-based company, has reported a turnaround in its financial performance for the third quarter of the fiscal year 2023-24, alongside announcing a change in its board composition.

Financial Performance

The company has disclosed its unaudited financial results for the quarter and nine months ended December 31, 2023. On a standalone basis, Garnet International posted a quarterly profit of Rs 78.92 lacs, a significant improvement from the loss of Rs 184.06 lacs reported in the previous quarter. This translates to earnings per share of Rs 0.40 for the quarter.

However, the nine-month period showed a cumulative loss of Rs 154.34 lacs, indicating that the company's profitability remains challenged on a longer-term basis.

Consolidated Results

The consolidated financial results paint a more robust picture. Garnet International reported a consolidated quarterly profit of Rs 175.82 lacs, compared to a loss of Rs 315.35 lacs in the prior quarter. This substantial improvement in consolidated figures suggests stronger performance across the company's subsidiaries or group entities.

Board Changes

In a separate development, Mr. Shyaam Taaparia has stepped down from his position as an Independent Director of Garnet International Limited. His resignation is effective from January 25, 2024. The board of directors has acknowledged Mr. Taaparia's contributions during his tenure with the company.

Corporate Governance

As part of its commitment to transparency and compliance with regulatory requirements, Garnet International Limited continues to fulfill its obligations under the Listing Obligations and Disclosure Requirements (LODR). The company recently published newspaper advertisements on September 5, 2025, in Financial Express and Navakal, providing information about its upcoming 43rd Annual General Meeting (AGM).

The 43rd AGM is scheduled to be held on Tuesday, September 30, 2025, at 11:00 a.m. IST through Video Conferencing (VC) or Other Audio-Visual Means (OAVM). This virtual format aligns with the ongoing trend of digital shareholder meetings, allowing for wider participation while adhering to safety protocols.

Garnet International has engaged MUFG Intime India Pvt. Ltd. to provide remote e-voting and e-voting facilities for the AGM, ensuring that shareholders can exercise their voting rights securely and conveniently.

The company's proactive approach to investor communication and adherence to regulatory standards underscores its commitment to good corporate governance practices.

Garnet International Limited , a company listed on the BSE, has reported a change in its promoter shareholding. Suresh Gaggar, a promoter of the company, has increased his stake through open market transactions.

Acquisition Details

On September 3, 2025, Suresh Gaggar acquired 13,500 shares of Garnet International Limited through open market transactions. This acquisition has resulted in an increase in his shareholding from 11.90% to 11.97% of the company's total equity capital.

Shareholding Impact

The total equity share capital of Garnet International Limited remains unchanged at 19,635,000 shares.

Regulatory Compliance

The disclosure of this transaction was made in compliance with the Securities and Exchange Board of India (SEBI) Substantial Acquisition of Shares and Takeovers Regulations. The company has duly informed the BSE Limited about this change in promoter shareholding.

About the Acquirer

Suresh Gaggar, as mentioned in the LODR data, resides at Flat 41/42, 4th Floor, Gaurav Extension, Gokuldham, Goregaon (E), Mumbai-400063. He is part of the promoter group of Garnet International Limited.

Company Information

Garnet International Limited is listed on the BSE. The company's registered office is located at 901, Raheja Chambers, Free Press Journal Marg, Nariman Point, Mumbai - 400021, India.