Milkfood Ltd Reports Q1 Loss, Appoints New Independent Director
Milkfood reported a net loss of Rs 69.00 lakhs in Q1, compared to a profit of Rs 59.00 lakhs in the previous year. Revenue declined by 23.31% to Rs 7,366.00 lakhs. Other income increased significantly to Rs 555.00 lakhs. The company appointed Mrs. Jyotsna Bhatnagar as an Independent Director, re-appointed Mr. Sudhir Avasthi as Managing Director, and named Mrs. Kamlesh Gupta as Secretarial Auditor. Milkfood also granted 12,18,000 stock options under its Employee Stock Option Plan.
*this image is generated using AI for illustrative purposes only.
Milkfood , a prominent player in the dairy products industry, has announced its financial results for the first quarter, along with several key corporate developments. The company faced challenges during the quarter, reporting a net loss and a decline in revenue, while also making strategic appointments to its leadership team.
Financial Performance
Milkfood reported a net loss of Rs 69.00 lakhs for the quarter, compared to a profit of Rs 59.00 lakhs in the corresponding quarter of the previous year. The company's revenue from operations declined to Rs 7,366.00 lakhs from Rs 9,605.00 lakhs year-over-year, representing a decrease of 23.31%.
Despite the overall decline, the company saw a significant increase in other income, which rose to Rs 555.00 lakhs from Rs 2.00 lakhs in the same quarter last year. This substantial increase included a write-back of security deposit of Rs 310.00 lakhs and a Rs 243.00 lakhs adjustment due to revised vehicle depreciation calculations.
Key Financial Highlights
| Particulars (in Rs lakhs) | Q1 Current | Q1 Previous | Change (%) |
|---|---|---|---|
| Revenue from Operations | 7,366.00 | 9,605.00 | -23.31% |
| Other Income | 555.00 | 2.00 | +27,650.00% |
| Total Income | 7,921.00 | 9,607.00 | -17.55% |
| Net Profit/(Loss) | (69.00) | 59.00 | -216.95% |
Corporate Developments
In addition to the financial results, Milkfood announced several important corporate decisions:
New Independent Director: The Board of Directors approved the appointment of Mrs. Jyotsna Bhatnagar as an Additional Director (Non-Executive, Independent) for a five-year term starting August 12. Mrs. Bhatnagar brings extensive experience in accounts, business management, and administration to the company.
Re-appointment of Managing Director: Mr. Sudhir Avasthi has been re-appointed as Managing Director for a five-year term from July 1 to June 30. Mr. Avasthi, a qualified Chartered Accountant, has over four decades of experience in finance, accounts, taxation, and corporate management.
New Secretarial Auditor: The company appointed Mrs. Kamlesh Gupta as Secretarial Auditor for five financial years. Mrs. Gupta is a Practicing Company Secretary with over 10 years of experience in secretarial audit, due diligence, and corporate compliance management.
Employee Stock Option Plan: Milkfood granted 12,18,000 stock options under its Employee Stock Option Plan, with a fair value of Rs 409.00 lakhs. The vesting period for these options is set until June 20.
Outlook
While Milkfood faced challenges in the first quarter, the company's strategic appointments and focus on corporate governance indicate a commitment to long-term growth and stability. The significant increase in other income partially offset the decline in operational revenue, demonstrating the company's ability to manage its financial resources effectively.
As Milkfood navigates through the current fiscal year, investors and stakeholders will be closely watching how these new appointments and initiatives impact the company's performance in the coming quarters.
Historical Stock Returns for Milkfood
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.01% | -1.74% | +7.78% | +7.34% | -50.77% | -14.54% |
16
