Inventure Growth & Securities Limited , a prominent player in the Indian financial services sector, has reported its quarterly results for the period ended September 30, 2023, revealing a mixed financial performance and significant corporate developments.

Financial Performance

The company's Q2 results paint a challenging picture:

Inventure Growth & Securities reported a net loss of ₹209.40 lakhs for the quarter, a stark contrast to the profit of ₹230.89 lakhs in the previous quarter. This represents a significant downturn in the company's profitability. Simultaneously, the revenue from operations decreased to ₹997.78 lakhs from ₹1,460.04 lakhs in the prior quarter, marking a 31.66% decline.

Corporate Restructuring

In a strategic move, the company has filed a composite Scheme of Arrangement with the National Company Law Tribunal (NCLT). This scheme involves:

1. Amalgamation of four wholly-owned subsidiaries
2. Subsequent demerger of its lending business undertaking

This restructuring could potentially streamline operations and create a more focused business structure, although the full implications remain to be seen as the process unfolds.

Rights Issue Proceeds Reallocation

Shareholders have approved a variation in the utilization of rights issue proceeds. The funds have been reallocated towards:

• Margin trading facility
• Computer hardware acquisition
• Additional working capital

The company maintains ₹180.59 lakhs in an escrow account, pending utilization for specified objects. This reallocation suggests a strategic shift in the company's investment priorities, possibly in response to changing market conditions or business needs.

Regulatory Matters

One of Inventure's subsidiaries is facing temporary restrictions from the Securities and Exchange Board of India (SEBI) regarding new mandates. This situation is pending the completion of an ongoing inquiry. While the specifics of the inquiry are not disclosed, such regulatory scrutiny could have implications for the subsidiary's operations and potentially the parent company's overall performance.

Conclusion

Inventure Growth & Securities is navigating through a challenging quarter with a significant financial downturn. However, the company is also undertaking strategic initiatives, including corporate restructuring and reallocation of funds, which may position it for future growth. Investors and market watchers will likely keep a close eye on how these developments unfold and impact the company's performance in the coming quarters.

The Board of Directors approved these unaudited financial results in a meeting held on November 6, 2023, which lasted from 3:00 PM to 6:30 PM. The company has assured that all necessary disclosures have been made in compliance with SEBI regulations, and the detailed financial results are available on the company's website.

Inventure Growth & Securities Limited , a prominent player in the securities market, has announced key leadership reappointments and approved its financial results for the first quarter.

Board Approves Reappointment of Whole Time Directors

The Board of Directors of Inventure Growth & Securities Limited has approved the reappointment of two Whole Time Directors, Mr. Kamlesh Limbachiya and Mrs. Lasha Rita, for three-year terms. These reappointments are subject to shareholder approval at the upcoming annual general meeting.

Mr. Kamlesh Limbachiya

Mr. Kamlesh Limbachiya's new term will run from April 1, 2026, to March 31, 2029. With 23 years of experience in the readymade garments business and 19 years in construction, Mr. Limbachiya brings a wealth of diverse expertise to the company. He also serves as a partner in M/S Shri Paridhan Traders and as a director in Keshvi Developers Private Limited.

Mrs. Lasha Rita

Mrs. Lasha Rita's reappointment is set for September 12, 2026, to September 11, 2029. With seven years of overall experience, including four years in the securities market, Mrs. Rita plays a crucial role in managing the company's day-to-day operations, accounts, and technology. She is also actively involved in developing technology-based systems to enhance the quality and performance of various departments. Notably, Mrs. Rita is the daughter-in-law of the company's Chairman & Managing Director, Mr. Kanji Bachubhai Rita.

Q1 Financial Results Approved

In addition to the leadership reappointments, the Board of Directors has approved the unaudited consolidated and standalone financial results for the quarter ended June 30. The financial results were reviewed by the company's statutory auditors, M/s CGCA & Associates LLP, Chartered Accountants.

The board meeting, which commenced at 3:00 PM and concluded at 6:00 PM on August 5, addressed these important matters. The company has stated that the detailed financial results and the limited review report will be made available on their official website at www.inventuregrowth.com .

Inventure Growth & Securities Limited continues to demonstrate its commitment to strong corporate governance and transparent communication with its stakeholders through these timely disclosures and leadership decisions.

Note: The specific financial details of the Q1 results were not provided in the available information.