Gujarat Intrux Reports Steady Q2 Performance, Reconstitutes Audit Committee

Gujarat Intrux Limited , a manufacturer of steel and alloy steel castings, has released its unaudited financial results for the quarter and half-year ended September 30, 2023, showcasing a stable performance amid market fluctuations.

Financial Highlights

The company reported a slight dip in revenue from operations for Q2 FY2024, with figures coming in at Rs 1,077.40 lakhs compared to Rs 1,088.60 lakhs in the previous quarter. Despite this marginal decrease, Gujarat Intrux maintained strong profitability, with net profit after tax standing at Rs 457.51 lakhs for the quarter, only slightly lower than the Rs 471.10 lakhs recorded in the prior quarter.

For a broader perspective, here's a tabular representation of the key financial metrics:

Particulars (in lakhs)	Q2 FY2024	Q1 FY2024	H1 FY2024
Revenue from Operations	1,077.40	1,088.60	2,166.00
Net Profit After Tax	457.51	471.10	928.61

Improved Liquidity Position

A notable improvement was observed in the company's liquidity. Cash and cash equivalents saw a significant increase, rising to Rs 701.89 lakhs as of September 30, 2023, from Rs 166.75 lakhs recorded on March 31, 2023. This substantial growth in cash reserves potentially strengthens the company's position to navigate market uncertainties and explore growth opportunities.

Corporate Governance Update

In a move to enhance its corporate governance structure, Gujarat Intrux's Board of Directors has approved the reconstitution of its audit committee. The newly formed committee comprises four members:

Mr. Bhupendra Shantilal Avalani - Chairman (Non-executive Independent Director)
Mr. Amrutlal Jethalal Kalaria - Member (Non-executive Non-Independent Director)
Mr. Niteshkumar Punjabhai Patel - Member (Non-executive Independent Director)
Ms. Rency Rajeshbhai Tanti - Member (Non-executive Independent Director, newly added)

This restructuring, effective from October 30, 2023, aims to strengthen the company's financial oversight and compliance mechanisms.

Auditor's Review

M/s. MAAK & Associates, the statutory auditors, have conducted a limited review of the financial results. They confirmed that no modified opinions were expressed in their review report, providing additional assurance to stakeholders regarding the accuracy of the financial statements.

Gujarat Intrux Limited continues to operate in a single segment, focusing on the manufacturing of steel, non-alloy steel, and alloy steel castings. The company's performance is evaluated based on revenue and operating income from this core business activity.

As the company navigates through the evolving market landscape, its steady financial performance and proactive corporate governance measures may position it well for future opportunities in the steel casting sector.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.31%	-2.50%	-4.90%	-13.35%	-11.75%	+368.91%

Gujarat Intrux Limited , a steel and alloy steel casting manufacturer, has announced its financial results for the first quarter, showing significant year-over-year growth in revenue. The company also reported changes in its auditing team.

Financial Performance

For the quarter ended June 30, Gujarat Intrux reported:

Particulars (in Rs. lakhs)	Q1 Current	Q1 Previous	YoY Change
Total Revenue	1,354.44	653.37	107.30%
Net Profit After Tax	194.75	1,059.32	-81.60%
Earnings Per Share (Rs.)	5.67	N/A	N/A

The company's total revenue more than doubled compared to the same quarter last year, rising from Rs. 653.37 lakhs to Rs. 1,354.44 lakhs, marking a robust 107.30% year-over-year increase. However, net profit after tax saw a significant decrease of 81.60%, reaching Rs. 194.75 lakhs compared to Rs. 1,059.32 lakhs in the previous year's corresponding quarter.

Earnings per share (EPS) for the quarter stood at Rs. 5.67. The comparative EPS for the previous year's quarter was not provided in the given information.

Corporate Developments

In addition to its financial results, Gujarat Intrux announced several corporate changes:

Auditor Resignation: M/s. Parin Patwari & Co., Chartered Accountants, resigned as the statutory auditor effective July 22. The resignation was due to the auditor's decision to discontinue their proprietorship firm.
New Secretarial Auditor: The company appointed M/s. K.P. Rachchh & Co., Practicing Company Secretaries, as the new secretarial auditor for a period of five consecutive years, subject to shareholder approval at the upcoming Annual General Meeting.

Company Overview

Gujarat Intrux Limited operates in the steel and alloy steel casting manufacturing sector and is based in Rajkot, Gujarat. The company continues to focus on its core business operations while adapting to changes in its corporate structure.

Investors and stakeholders are advised to monitor further announcements from the company regarding the appointment of a new statutory auditor and the upcoming Annual General Meeting where the appointment of the new secretarial auditor will be put to vote.