Shri Gang Industries Reports Q1 Results, Appoints New Internal Auditor
Shri Gang Industries and Allied Products Limited's Q1 results show a slight 0.95% increase in revenue to INR 8,554.40 crore, but a 59.20% decrease in net profit to INR 95.71 crore. The company's EPS dropped from INR 1.31 to INR 0.53. Liquor Operations remained the primary revenue driver, contributing INR 8,553.78 crore. The company also appointed M/s Mohan Gupta & Co. as its new Internal Auditor for the fiscal year.
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Shri Gang Industries and Allied Products Limited has released its unaudited financial results for the first quarter, showcasing a slight increase in revenue amidst a decline in profitability. The company has also announced the appointment of a new Internal Auditor for the fiscal year.
Financial Performance
The company reported a marginal increase in revenue from operations, which stood at INR 8,554.40 crore for Q1, compared to INR 8,473.93 crore in the same quarter of the previous year, representing a growth of about 0.95%.
However, the company's profitability saw a significant decline:
| Particulars | Q1 Current | Q1 Previous | YoY Change |
|---|---|---|---|
| Revenue from Operations (INR crore) | 8,554.40 | 8,473.93 | +0.95% |
| Net Profit After Tax (INR crore) | 95.71 | 234.60 | -59.20% |
| Basic EPS (INR) | 0.53 | 1.31 | -59.54% |
The net profit after tax decreased by 59.20%, from INR 234.60 crore in Q1 of the previous year to INR 95.71 crore in the current Q1. Consequently, the basic earnings per share (EPS) also declined from INR 1.31 to INR 0.53.
Segment-wise Performance
Shri Gang Industries operates in two business segments: Edible Oil Operations and Liquor Operations. The Liquor Operations segment continued to be the primary revenue driver for the company:
- Liquor Operations: Contributed INR 8,553.78 crore to the total revenue
- Edible Oil Operations: Contributed INR 0.62 crore to the total revenue
Appointment of Internal Auditor
In a separate development, the Board of Directors has approved the appointment of M/s Mohan Gupta & Co., Chartered Accountants, as the Internal Auditor of the company for the financial year. The appointment was made on the recommendation of the Audit Committee.
M/s Mohan Gupta & Co. is a peer-reviewed firm established in 1986, specializing in Assurance & Advisory, Tax & Regulatory, and Risk Advisory services. The firm brings over three decades of experience to its role as Internal Auditor for Shri Gang Industries.
Board Meeting Details
The financial results were reviewed by the Audit Committee and subsequently approved by the Board of Directors at their respective meetings held on August 13. The Board meeting commenced at 02:30 P.M., although the conclusion time was not specified in the available information.
Shri Gang Industries and Allied Products Limited continues to navigate challenging market conditions, as evidenced by the pressure on its profitability despite a slight increase in revenue. The company's focus remains on its core segments of Liquor Operations and Edible Oil Operations, with the former contributing significantly to the overall revenue.
Historical Stock Returns for Shri Gang Industries
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -12.26% | -8.74% | -8.29% | -31.77% | +27.12% | +3,011.81% |
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