Orient Tradelink Reports 48% Jump in Annual Net Profit for FY2023

Orient Tradelink Limited, a company listed on the Indian stock exchanges, has reported a significant increase in its annual net profit for the financial year ended March 31, 2023. The company's board approved the standalone audited financial results, revealing a 48% rise in net profit compared to the previous year.

Financial Highlights

Despite a marginal decline in revenue from operations, Orient Tradelink managed to significantly improve its profitability. The company's net profit for the year ended March 31, 2023, stood at ₹86.76 lakhs, representing a 48% increase from the previous year's figure of ₹58.63 lakhs.

The fourth quarter of FY2023 also saw improved performance, with net profit rising to ₹30.79 lakhs compared to ₹19.79 lakhs in the same period last year.

Capital Structure

Orient Tradelink's paid-up equity share capital increased to ₹11.77 crores from ₹10.97 crores, indicating a potential issuance of new shares during the financial year.

Compliance Issues

The auditors of Orient Tradelink highlighted several compliance-related concerns in their report:

1. Delayed GST return filings
2. Non-compliance with TDS (Tax Deducted at Source) laws
3. Failure to generate invoices through the mandatory e-invoicing portal

These compliance issues raise questions about the company's adherence to regulatory requirements and may require attention from management to ensure better compliance in the future.

Conclusion

While Orient Tradelink Limited has shown impressive growth in profitability for FY2023, the company faces challenges in terms of regulatory compliance. Investors and stakeholders may want to monitor how the company addresses these issues moving forward, as they could have implications for future operations and financial performance.