Krishna Capital & Securities Reports Q1 Loss, Appoints New Auditors

Krishna Capital & Securities Limited (KCSL), a non-banking financial company (NBFC), has reported a standalone net loss for the first quarter, while also announcing changes to its statutory auditors.

Financial Performance

For the quarter ended June 30, KCSL reported:

On a standalone basis, the company posted a net loss of ₹1.70 crore for Q1, compared to a profit of ₹9.93 crore in the previous quarter. The total income for the quarter stood at ₹8.53 crore, down from ₹20.91 crore in Q4.

Consolidated Results

The consolidated financial results, which include KCSL's associate company Palco Metals Limited, showed:

The consolidated net loss for Q1 was ₹5.88 crore, which includes the company's share of loss from its associate, Palco Metals Limited, amounting to ₹4.18 crore.

Appointment of New Auditors

In a significant development, KCSL's Board of Directors has approved the appointment of M/s. Abhishek Kumar & Associates, Chartered Accountants (FRN: 130052W), as the new statutory auditors of the company. This appointment is subject to shareholder approval at the upcoming Annual General Meeting (AGM).

The new auditors will serve for a term of five years, from the conclusion of the 31st AGM until the 36th AGM. They will replace the outgoing auditors, M/s. Rinkesh Shah & Co., whose tenure concludes at the end of the 31st AGM.

Annual General Meeting

KCSL has scheduled its 31st Annual General Meeting for September 19. The meeting will be conducted virtually through video conferencing or other audio-visual means.

About Krishna Capital & Securities Limited

Krishna Capital & Securities Limited operates in the NBFC sector and has Palco Metals Limited as its associate company.

The financial results for Q1 were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on August 14.