Parle Industries Limited has reported a significant downturn in its financial performance for the first quarter, with substantial declines in both revenue and profitability.

Consolidated Performance

The company's consolidated total income dropped by 27.3% to Rs. 884.85 lakhs, compared to Rs. 1,216.35 lakhs in the same quarter of the previous year. More alarmingly, the net profit after tax plummeted by 97.7%, falling to just Rs. 3.39 lakhs from Rs. 146.00 lakhs.

Standalone Results

On a standalone basis, the decline was even more pronounced:

• Total income fell by 79.5% to Rs. 20.87 lakhs
• Net profit decreased by 68.9% to Rs. 6.40 lakhs

Key Financial Metrics

• Earnings per share (EPS) turned negative at -0.19, compared to 2.34 in the previous year
• Total comprehensive income declined to -Rs. 45.07 lakhs from Rs. 146.09 lakhs
• Equity share capital remained unchanged at Rs. 799.72 lakhs

Financial Table

Performance Overview

The sharp decline in both revenue and profitability suggests that Parle Industries faced significant challenges during the quarter. The negative EPS and comprehensive income indicate a particularly difficult period for the company.

Investor Communication

In compliance with regulatory requirements, Parle Industries has published its financial results in both English and regional language newspapers. The company has also made the detailed financial results available on its website ( www.parleindustries.com ) for investors and stakeholders to review.

The dramatic decline in financial performance across all key metrics underscores the challenges Parle Industries is currently facing. Investors and market analysts will likely be looking for additional information from the company regarding the factors contributing to this downturn and any strategies being implemented to address these issues in the coming quarters.

Parle Industries Limited , a company operating in the Infrastructure & Real Estate and Paper waste recycling segments, has released its unaudited financial results for the first quarter. The company also announced significant changes in its key personnel.

Financial Performance

For Q1, Parle Industries reported:

The company's standalone revenue from operations decreased to Rs 20.00 lakhs from Rs 35.33 lakhs in the same quarter of the previous year. Despite the revenue decline, the company managed to report a profit after tax of Rs 8.79 lakhs on a standalone basis.

Segment-wise Performance

Parle Industries operates in two main segments:

1. Infrastructure & Real Estate
2. Paper waste recycling

The Infrastructure & Real Estate segment contributed Rs 20.00 lakhs to the revenue, while the Paper waste recycling segment did not report any revenue for the quarter.

Key Management Changes

The company announced two significant changes in its management and audit structure:

1. Resignation of Company Secretary: Ms. Deepika Tater has resigned from her position as Company Secretary and Compliance Officer.

2. Resignation of Statutory Auditor: M/s. Ajmera & Ajmera, Chartered Accountants, have resigned as the Statutory Auditor of the company after completing the limited review for Q1. The auditors cited other occupancy and commitments as the reason for their resignation.

Ongoing Legal Dispute

Parle Industries is currently involved in a legal dispute with Weldone Integrated Services Private Ltd (WISPL) and Marvelous Vickyfoods Private Limited (MVPL) regarding share purchase agreements. The matter is sub-judice with the Bombay High Court under a Commercial Arbitration Petition.

Due to non-payment of consideration payable on the share swap mechanism, Parle Industries terminated the Share Purchase Agreements with WISPL and MVPL. Consequently, these entities could not become wholly-owned subsidiaries of Parle Industries. The company has also forfeited the equity shares issued to the shareholders of WISPL and MVPL.

Auditor's Review

The limited review report by M/s. Ajmera & Ajmera highlighted certain qualifications regarding the ongoing legal dispute and its potential impact on the financial statements. The auditors were unable to determine the potential impact of non-inclusion of WISPL and MVPL in the consolidated financial results due to the legal dispute.

Parle Industries' management and board will need to address these challenges and changes in the coming months to ensure stability and growth for the company.

The unaudited financial results are available on the company's website www.parleindustries.com and on the BSE website www.bseindia.com .