Jattashankar Industries Limited, a textile manufacturing company, has reported a mixed set of financial results for the second quarter ended September 30, 2023. The company managed to turn a profit despite a significant drop in revenue compared to the same period last year.

Key Financial Highlights

All figures in lakhs of rupees

Revenue Decline

Jattashankar Industries experienced a substantial decrease in revenue from operations, which fell to ₹8.17 lakhs in Q2 2023 from ₹76.28 lakhs in the corresponding quarter of the previous year, marking a decline of approximately 89.30%.

Profitability Improvement

Despite the sharp drop in revenue, the company reported a net profit of ₹14.24 lakhs for the quarter, a significant turnaround from the loss of ₹46.63 lakhs incurred in the same period last year. This improvement in profitability suggests effective cost management and operational efficiency measures implemented by the company.

Other Income Boost

The company's performance was supported by other income, which stood at ₹20.76 lakhs for the quarter, compared to ₹37.65 lakhs in the same quarter of the previous year. This additional income likely helped offset the impact of reduced operational revenue.

Board Approval and Audit Review

The unaudited financial results were approved by the company's board of directors during their meeting held on November 14, 2023. The results have been reviewed by the statutory auditors, K.K. Jhunjhunwala & Co., as part of the limited review process required under regulatory guidelines.

Balance Sheet Highlights

As of September 30, 2023, Jattashankar Industries reported:

• Total Assets: ₹1,860.50 lakhs
• Equity Share Capital: ₹438.71 lakhs
• Other Equity: ₹1,419.63 lakhs

Outlook

While the company has shown resilience by turning a profit in a challenging quarter marked by significantly lower revenue, investors and stakeholders will likely be watching closely to see if Jattashankar Industries can sustain this profitability and potentially recover its revenue in the coming quarters.

The textile industry continues to face various challenges, including market volatility and economic uncertainties. Jattashankar Industries' ability to maintain profitability despite revenue pressures may indicate effective management strategies, but the company may need to focus on revenue growth to ensure long-term sustainability.

Jattashankar Industries Limited, a Mumbai-based company, has significantly expanded its business scope and made several key appointments during its 37th Annual General Meeting (AGM) held on September 20, 2025. The shareholders approved a series of resolutions that signal a major shift in the company's strategic direction.

Expansion of Business Scope

The most notable change was the amendment to the company's Memorandum of Association, specifically altering the Object Clause. This amendment broadens Jattashankar Industries' business scope to include:

• Purchase, sale, supply, import, export, trading, and distribution of agriculture products, edible oils, food products, commodities, and allied goods
• Establishment and operation of manufacturing and processing facilities, refineries, warehouses, silos, cold storages, and packaging units
• Engagement in wholesale and retail trade of agriculture products, edible oils, food staples, processed foods, specialty fats, and allied consumer products
• Development and promotion of brands, trademarks, labels, and packaging related to the new business areas

This strategic move positions the company to diversify its operations and potentially tap into the growing agriculture and food processing sectors.

Key Appointments and Governance Changes

The AGM also saw the approval of several important appointments:

1. Mr. Keval Jayanti Khudai was appointed as the Managing Director for a term of three years.
2. Mr. Vishal Prakashbhai Ashara's designation changed from Additional Director to Executive Director for a five-year term.
3. Mr. Nileshbhai Bhagvanji Bapodara was appointed as a Whole Time Director for three years.
4. Mr. Siddharth Parshottam Gajra and Mr. Harsh Pankajkumar Nayak were regularized as Independent Directors for five-year terms.

Additionally, the company appointed M/s B.S. Vyas & Associates as the Secretarial Auditor for a five-year term.

Other Key Resolutions

Shareholders also approved several other significant resolutions:

• Shifting of the registered office from Mumbai to Pune
• Increase in the overall borrowing limit under Section 180(1)(c) of the Companies Act, 2013
• Approval for creation of mortgage or charge on the company's assets
• Authorization to give loans, guarantees, and provide security under Sections 185 and 186 of the Companies Act, 2013

Voting Results

All resolutions were passed with 100% approval from the voting shareholders. The AGM saw participation from 5 promoters and promoter group members, and 44 public shareholders through video conferencing.

These developments indicate that Jattashankar Industries is embarking on a significant transformation, expanding its business horizons while strengthening its governance structure. The unanimous approval of all resolutions suggests strong shareholder support for the company's new direction and leadership changes.