Hariyana Ventures Reports Q1 Loss Despite Positive Total Comprehensive Income

Hariyana Ventures Limited , a company engaged in the trading of iron and steel, has released its unaudited financial results for the first quarter ended June 30. The company's Board of Directors approved these results at a meeting held on August 4.

Financial Performance

The company reported a net loss of ₹5.10 lakhs for the quarter, a significant shift from the profit of ₹16.92 lakhs recorded in the previous quarter ended March 31. This decline in profitability comes as the company faced challenges in its operations.

Notably, Hariyana Ventures reported no revenue from operations during the quarter, compared to ₹3.32 lakhs in the previous quarter. The absence of operational revenue highlights the difficulties faced by the company in its core business activities.

Expenses and Profitability

Despite the lack of revenue, the company managed to reduce its total expenses to ₹6.89 lakhs, down from ₹8.86 lakhs in the prior quarter. The breakdown of expenses is as follows:

The reduction in expenses, however, was not sufficient to offset the lack of revenue, resulting in a loss before tax of ₹6.89 lakhs.

Other Comprehensive Income

Interestingly, despite the operational loss, Hariyana Ventures recorded a total comprehensive income of ₹25.89 lakhs. This positive outcome was primarily due to other comprehensive income of ₹30.99 lakhs, which mainly consisted of net fair value gains on equity investments amounting to ₹36.44 lakhs.

Earnings Per Share

The basic and diluted earnings per share for the quarter stood at negative ₹0.88, reflecting the company's loss position.

Company Operations

Hariyana Ventures Limited operates solely in the trading of iron and steel sector. The company has no subsidiaries, associates, or joint ventures, as per the notes to the financial results.

Management Statement

Mr. Harish Gangaram Agrawal, the Managing Director of Hariyana Ventures Limited, signed off on the financial results. The company's management has prepared the financial results in accordance with Indian Accounting Standards (Ind AS) and other recognized accounting practices and policies.

The financial results were reviewed by the Audit Committee and subsequently approved by the Board of Directors. The Statutory Auditor has issued an unmodified review report on these financial results.

Investors and stakeholders can access the detailed financial results on the company's website at www.hariyanaventures.in , as per SEBI regulations.