Mid India Industries Reports Q1 Profit, Appoints New Secretarial Auditors
Mid India Industries Limited, a trading company in Mandsaur, Madhya Pradesh, reported a profit of Rs 2.11 lakhs in Q1, compared to a loss of Rs 10.81 lakhs in the same period last year. Revenue increased by 46.3% to Rs 149.47 lakhs, outpacing the 42.3% rise in expenses. The board approved the appointment of M/s Joshi Sahay & Company as Secretarial Auditors for five years, subject to shareholder approval.
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Mid India Industries Limited , a trading company based in Mandsaur, Madhya Pradesh, has reported a significant turnaround in its financial performance for the first quarter. The company's board of directors also approved the appointment of new secretarial auditors during their recent meeting.
Financial Performance
The unaudited financial results for Q1 reveal a notable improvement in the company's profitability:
| Particulars (in Rs. lakhs) | Q1 Current | Q1 Previous | Change |
|---|---|---|---|
| Revenue from Operations | 149.47 | 102.20 | +46.3% |
| Total Expenses | 147.36 | 103.56 | +42.3% |
| Profit/(Loss) before tax | 2.11 | (10.81) | N/A |
| Earnings per share (Rs.) | 0.01 | (0.07) | N/A |
Mid India Industries Limited reported a profit of Rs 2.11 lakhs for the quarter, compared to a loss of Rs 10.81 lakhs in the same period last year. The company's revenue from operations increased by 46.3% year-over-year, reaching Rs 149.47 lakhs. This growth in revenue significantly outpaced the increase in total expenses, which rose by 42.3% to Rs 147.36 lakhs.
The improved financial performance resulted in a positive earnings per share of Rs 0.01, compared to a loss of Rs 0.07 per share in the corresponding quarter of the previous year.
Appointment of Secretarial Auditors
In addition to the financial results, the board of directors approved the appointment of M/s Joshi Sahay & Company as the company's Secretarial Auditors. This appointment is for a period of five consecutive years, subject to shareholder approval at the upcoming Annual General Meeting.
M/s Joshi Sahay & Company is a partnership firm of Practicing Company Secretaries. The firm brings over 25 years of experience in corporate laws, compliance management, corporate structuring, listing compliance, SEBI regulations, and due diligence.
Company Overview
Mid India Industries Limited operates solely in trading activities. The company maintains its registered office in Mandsaur, Madhya Pradesh, and has a corporate office in Indore. As a listed entity, Mid India Industries trades on the BSE.
The board meeting, which approved these results and appointments, was held on July 25, commencing at 4:00 PM and concluding at 5:30 PM. The company's management has exercised necessary due diligence to ensure that the financial results provide a true and fair view of its affairs.
Investors and stakeholders can access the detailed financial results on the company's website at www.midindiaindustries.com and on the BSE website at www.bseindia.com .
Historical Stock Returns for Mid India Industries
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -4.06% | -8.68% | +0.91% | -10.15% | -31.18% | -10.87% |
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