Shreevatsaa Finance Reports Q1 Results, Appoints New Secretarial Auditors
Shreevatsaa Finance & Leasing Limited (SFLL) announced Q1 FY24 results with revenue up 9.55% to Rs 23.75 lakhs, but profit after tax down 5.10% to Rs 10.61 lakhs. The company appointed M/s. Rabi Satapathy & Associates as Secretarial Auditors for five years, subject to shareholder approval.
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Shreevatsaa Finance & Leasing Limited (SFLL) has announced its unaudited financial results for the first quarter, along with a significant change in its corporate governance structure.
Financial Highlights
SFLL reported a modest growth in its total income for the quarter ended June 30. The company's revenue from operations, primarily consisting of interest income, stood at Rs 23.75 lakhs, marking a 9.55% increase from Rs 21.68 lakhs in the corresponding quarter of the previous year.
Key financial metrics include:
| Particulars (in Rs Lakhs) | Current Quarter | Previous Quarter | YoY Change |
|---|---|---|---|
| Revenue from Operations | 23.75 | 21.68 | +9.55% |
| Total Expenses | 13.14 | 11.77 | +11.64% |
| Profit Before Tax | 10.61 | 11.18 | -5.10% |
| Profit After Tax | 10.61 | 11.18 | -5.10% |
| Earnings Per Share (Rs) | 0.11 | 0.11 | No change |
Despite the increase in revenue, the company's profit after tax decreased slightly to Rs 10.61 lakhs from Rs 11.18 lakhs in the same quarter last year. This decline can be attributed to a proportionally higher increase in total expenses, which rose by 11.64% year-on-year.
Appointment of New Secretarial Auditors
In a significant corporate governance move, SFLL's Board of Directors has approved the appointment of M/s. Rabi Satapathy & Associates as the company's Secretarial Auditors. This appointment is for a period of five consecutive years, subject to shareholder approval at the forthcoming Annual General Meeting.
M/s. Rabi Satapathy & Associates is a peer-reviewed firm of Company Secretaries in Practice, holding the PR No. 2415/2022. The firm, incorporated by Mr. Rabindra Kumar Satapathy, a Fellow member of the Institute of Company Secretaries of India (ICSI), offers a wide range of specialized, multi-disciplinary professional services in corporate and financial consultancy.
Conclusion
Shreevatsaa Finance & Leasing Limited's quarterly results reflect a mixed performance with growing revenues but slightly reduced profitability. The appointment of new secretarial auditors for a five-year term indicates the company's long-term focus on maintaining robust corporate governance standards. Investors and stakeholders will likely keep a close watch on how these developments impact the company's performance and compliance practices in the coming quarters.
Historical Stock Returns for Shreevatsaa Finance & Leasing
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -4.98% | -8.77% | -10.73% | -24.35% | -9.40% | +635.34% |
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