NewsEarningsMaximus International Reports Robust Q1 Results, Approves Loan-to-Equity ConversionMaximus International Reports Robust Q1 Results, Approves Loan-to-Equity Conversion
Maximus International Limited reported significant growth in Q1 FY24. Standalone net profit rose to Rs 21.68 lakhs from a loss in the previous year. Consolidated net profit increased by 9.4% YoY to Rs 232.52 lakhs. Revenue from operations grew marginally by 0.80% to Rs 3,951.97 lakhs. The Board approved a loan-to-equity conversion proposal and appointed new auditors. M/s. DVG & Associates resigned as Internal Auditor due to fee disagreement.
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Maximus International Limited , a manufacturer and trader of lubricant oil and petrochemical products, has announced its unaudited financial results for the first quarter, showcasing significant growth in both standalone and consolidated performance.
Strong Financial Performance
The company reported a substantial increase in its standalone net profit, which rose to Rs 21.68 lakhs, compared to a loss of Rs 2.73 lakhs in the same quarter of the previous year. This turnaround demonstrates the company's improved operational efficiency and market positioning.
On a consolidated basis, Maximus International's performance was even more impressive. The consolidated net profit reached Rs 232.52 lakhs, up from Rs 212.59 lakhs in the corresponding quarter last year, marking a 9.4% year-on-year growth.
Consolidated Financial Highlights
| Particulars (in Rs Lakhs) | Q1 Current | Q1 Previous | YoY Change |
|---|---|---|---|
| Revenue from Operations | 3,951.97 | 3,921.54 | 0.80% |
| Total Income | 3,965.42 | 3,958.78 | 0.17% |
| Net Profit | 232.52 | 212.59 | 9.37% |
The company's consolidated revenue from operations saw a marginal increase of 0.80% year-on-year, reaching Rs 3,951.97 lakhs.
Strategic Initiatives and Corporate Actions
In addition to the financial results, the Board of Directors approved several key initiatives:
Loan-to-Equity Conversion: The Board has given the green light to a proposal for converting loans into equity shares, subject to shareholder approval at the upcoming Annual General Meeting. This move is likely aimed at strengthening the company's balance sheet and reducing debt burden.
Auditor Appointments:
- Mr. Kamal Lalani, a Peer-reviewed Practicing Company Secretary, has been appointed as the Secretarial Auditor for a term of five years.
- M/s. Ajit Tushar & Co. has been appointed as the Internal Auditor for three years.
Auditor Resignation: M/s. DVG & Associates resigned as the Internal Auditor due to a disagreement over fees.
Business Outlook
Maximus International Limited operates in the manufacturing and trading of lubricant oil and petrochemical products. The company has a global presence through its foreign subsidiaries, including Maximus Global FZE and MX Africa Limited, which contribute significantly to its consolidated performance.
The robust Q1 results and strategic corporate actions indicate that Maximus International is positioning itself for sustained growth and improved financial health. The loan-to-equity conversion proposal, in particular, suggests a focus on optimizing the capital structure.
As the company continues to navigate the competitive landscape of the lubricant and petrochemical industry, investors and stakeholders will be keenly watching how these initiatives translate into long-term value creation.
Historical Stock Returns for Maximus International
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.78% | +2.20% | -0.51% | +1.67% | -40.94% | -5.23% |
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