Shri Jagdamba Polymers Limited , a leading manufacturer of technical textiles, has announced robust financial results for the first quarter, along with several key corporate developments.

Financial Highlights

The company reported a significant increase in total income and profitability for Q1:

The company's total income for Q1 stood at ₹14,193.60 lakhs, marking a 15.09% increase from ₹12,332.91 lakhs in the same quarter last year. Net profit after tax saw a substantial rise of 35.50%, reaching ₹1,291.55 lakhs compared to ₹953.17 lakhs in the previous year's Q1.

Exceptional Item

The Q1 results include an exceptional item of ₹285.82 lakhs, representing proceeds received from an insurance company against full and final settlement of a claim. This contributed to the overall increase in profitability for the quarter.

Dividend Announcement

The Board of Directors has recommended a final dividend of ₹0.75 per equity share (75%) for the financial year. This dividend is subject to approval by shareholders at the ensuing Annual General Meeting.

Change in Statutory Auditors

The company announced the resignation of its statutory auditors, M/s. S V J K and Associates, Chartered Accountants (FRN: 135182W). The auditors cited a busy schedule and heavy workload as reasons for their resignation.

The Board has approved the appointment of M/s. Jain K S and Associates, Chartered Accountants (FRN: 160810W), as the new statutory auditors of the company. This appointment is subject to shareholder approval at the upcoming General Meeting.

Segment Performance

Shri Jagdamba Polymers continues to operate in a single primary segment, focusing on the manufacturing of technical textiles. The company's performance in this segment has been strong, with manufactured goods contributing ₹13,768.39 lakhs to the total income in Q1.

Consolidated Results

On a consolidated basis, which includes the results of its subsidiary Global Polyweave Private Limited, the company reported a total income of ₹14,189.89 lakhs and a net profit after tax of ₹1,236.41 lakhs for Q1.

The company's strong financial performance, coupled with strategic corporate actions, positions Shri Jagdamba Polymers for continued growth in the technical textiles sector. Investors and stakeholders will be keenly watching the company's future developments and the impact of the new auditor appointment on its financial reporting processes.

Shri Jagdamba Polymers Ltd. , a leading manufacturer of polymer-based products, has reported a robust performance in its fourth quarter financial results, showcasing significant growth in both profit and revenue.

Profit Soars

The company's net profit for the quarter reached ₹161.00 crore, marking a substantial increase of 105% compared to ₹78.40 crore in the same quarter of the previous year. This impressive year-on-year growth demonstrates the company's strong financial health and operational efficiency.

Quarter-on-Quarter Improvement

Sequentially, Shri Jagdamba Polymers also showed improvement, with net profit rising by 17.5% from ₹137.00 crore in the previous quarter to ₹161.00 crore in Q4.

Revenue Growth

The company's revenue for Q4 stood at ₹1,200.00 crore, up from ₹1,020.00 crore in the corresponding quarter last year, representing a solid 17.6% year-on-year growth. This increase in revenue indicates strong demand for the company's products and effective market strategies.

Financial Performance Overview

The financial results reflect Shri Jagdamba Polymers' ability to capitalize on market opportunities and maintain a growth trajectory despite challenging economic conditions. The significant increase in profitability, outpacing revenue growth, suggests improved operational efficiency and potentially favorable market conditions for the company's products.

As Shri Jagdamba Polymers continues to demonstrate strong financial performance, investors and industry observers will likely keep a close watch on the company's future strategies and market position in the polymer industry.