Popees Cares Reports Q2 Loss, Proposes Name Change
Popees Cares Limited announced a net loss of ₹10.89 lacs for Q2 ended September 30, with no revenue from operations. The company's Board approved a proposal to change the name to 'Goodies International Ltd', subject to approvals. Two independent directors resigned, and Mr. Swaroj Kumar Choudhury was appointed as an Additional Director. The company's net worth has eroded to negative ₹81.69 lacs due to accumulated losses of ₹686.12 lacs, but management remains hopeful of resolving financial challenges.
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Popees Cares Limited has announced its unaudited financial results for the quarter ended September 30, along with significant corporate developments including a proposed name change and board reconstitution. The company reported a net loss of ₹10.89 lacs for Q2.
Financial Performance Overview
The company's financial results for Q2 show continued losses, with no revenue from operations during the quarter. The financial performance comparison reveals the extent of operational challenges:
| Metric | Q2 Current Year | Q2 Previous Year | Change |
|---|---|---|---|
| Revenue from Operations | Nil | Nil | - |
| Other Income | Nil | Nil | - |
| Total Revenue | Nil | Nil | - |
| Total Expenses | ₹10.89 lacs | ₹8.92 lacs | +22.09% |
| Net Loss | ₹10.89 lacs | ₹8.92 lacs | +22.09% |
| Basic EPS | ₹(0.18) | ₹(0.15) | - |
For the half-year period ended September 30, the company reported a total comprehensive loss of ₹17.08 lacs compared to ₹14.02 lacs in the corresponding period of the previous year. The company's expense structure during Q2 included employee benefit expenses of ₹1.67 lacs and other expenses of ₹9.22 lacs.
Corporate Developments
The Board of Directors approved several important corporate actions during their meeting held on November 14:
| Development | Details |
|---|---|
| Name Change Proposal | "Goodies International Ltd" (subject to approvals) |
| Director Resignations | Two independent directors stepped down |
| New Appointment | Mr. Swaroj Kumar Choudhury as Additional Director |
| Committee Reconstitution | All three board committees restructured |
Board Reconstitution
Significant changes occurred in the company's leadership structure. Mr. Sivadas Chettoor (DIN 01773249) resigned from the Board effective November 13, citing health reasons. Mrs. Indu Kamala Ravindran (DIN 09252600) also resigned effective November 14, due to professional commitments.
To fill the leadership gap, the Board appointed Mr. Swaroj Kumar Choudhury (DIN: 11143083) as an Additional Director (Non-Executive – Independent) for a five-year term commencing November 14. Mr. Choudhury is an MBA graduate with over 25 years of experience and will serve on various board committees subject to member approval.
Going Concern Considerations
Despite the erosion of net worth to negative ₹81.69 lacs due to accumulated losses of ₹686.12 lacs, the financial statements have been prepared on a going concern basis. The company's ability to continue operations depends on additional fund infusion from promoters or shareholders and generating business revenue. The management remains hopeful of resolving these financial challenges and expects to generate revenues that will improve the company's financial position.
The proposed name change to "Goodies International Ltd" is subject to approval from shareholders and regulatory authorities including the Ministry of Corporate Affairs and Registrar of Companies. The Board meeting was conducted from 5:00 PM to 5:35 PM on November 14, with all decisions taken in compliance with SEBI listing regulations.
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