Modern Steels Reports Q1 Profit, Appoints New Company Secretary

Modern Steels Limited (MSL) has reported a turnaround in its financial performance for the first quarter and announced the appointment of a new Company Secretary.

Financial Performance

The company's unaudited financial results for Q1 show:

Modern Steels Limited reported a total income of Rs. 47.00 lakh for the quarter, more than doubling from Rs. 22.00 lakh in the same period last year. The company managed to reduce its expenses slightly to Rs. 24.00 lakh, down from Rs. 25.00 lakh in Q1 FY2024-25.

As a result, MSL posted a net profit of Rs. 23.00 lakh, marking a significant improvement from the loss of Rs. 3.00 lakh incurred in the corresponding quarter of the previous fiscal year.

Operational Status

Modern Steels Limited currently does not have any manufacturing operations. The company had previously sold its assets located in Mandi Gobindgarh, Punjab, under a slump sale arrangement. Despite this, the management has prepared the financial statements on a going concern basis, considering future plans to start commercial activities.

The company's income is primarily generated from commission-based activities, as it has engaged in certain business operations to maintain revenue streams.

New Appointment

The Board of Directors approved the appointment of CS Ananya Modi as the new Company Secretary and Compliance Officer. The appointment, effective from August 1, 2025, was based on the recommendation of the Nomination and Remuneration Committee.

CS Ananya Modi is a qualified Company Secretary and an Associate member of the Institute of Company Secretaries of India (ICSI). She brings experience in Corporate Laws, SEBI Listing Compliances, and Corporate Governance matters. Prior to joining Modern Steels, Modi worked for a year in the Secretarial Department of Quadrant Future Tek Ltd as an Assistant Company Secretary.

Management Commentary

Krishan Kumar Goyal, Managing Director of Modern Steels Limited, stated, "We are pleased with the company's performance this quarter, achieving profitability despite the challenges. Our focus on commission-based activities has yielded positive results. Looking ahead, we are actively exploring opportunities to restart commercial operations and drive sustainable growth."

The company's Board meeting, held on August 11, 2025, commenced at 3:30 p.m. and concluded at 4:00 p.m. The financial results were reviewed by the Audit Committee and subsequently approved by the Board of Directors.

Modern Steels Limited continues to adapt its business model in the absence of manufacturing operations, while maintaining transparency with its stakeholders through regular disclosures and appointments of key personnel.