Sita Enterprises Limited has released its quarterly results for the period ended September 30, revealing a shift from profit to loss amidst major corporate restructuring. The company reported a net loss of Rs 1.87 lakhs, a stark contrast to the profit of Rs 39.86 lakhs in the previous quarter. This financial downturn was accompanied by a substantial decline in total revenue.

Financial Performance

The company's financial results for the quarter show a significant change from the previous period:

Corporate Restructuring

During the quarter, Sita Enterprises underwent substantial corporate changes:

1. Ownership Transfer: On September 2, 21 lakh equity shares, representing 70% of the issued capital, were transferred to new promoter Jitendra Rasiklal Sanghavi.

2. Asset Sale: The company divested 7.2 lakh equity shares of its associate company, Bombay Mercantile and Leasing Company Limited, to directors Ashok Tulsyan and Sanju Tulsyan.

3. Board Restructuring:

   • Outgoing Directors: Ashok Tulsyan, Sanju Tulsyan, and Sneha Tulsyan
   • Newly Appointed Directors: Harsh Gandhi, Kirit Gordhadas Thakker, and Arushree Singh

Balance Sheet Highlights

Despite the quarterly loss, the company's balance sheet showed some positive movements:

The increase in total assets was primarily driven by higher investments, which stood at Rs 1,689.08 lakhs. Additionally, the company significantly improved its liquidity position, with cash and cash equivalents rising by Rs 108.90 lakhs.

Audit Opinion

It's worth noting that the auditors have issued an unmodified review opinion on the financial results, indicating that the financial statements are free from material misstatements and conform to the applicable accounting standards.

The quarter has been marked by significant changes for Sita Enterprises, both in terms of financial performance and corporate structure. While the company faced a challenging quarter financially, the substantial changes in ownership and board composition may signal a new direction for the enterprise. Investors and stakeholders will likely be watching closely to see how these changes impact the company's performance in the coming quarters.

Sita Enterprises Limited has announced a significant change in its promoter shareholding structure, marking a new chapter in the company's ownership.

Key Highlights of the Promoter Change

• New Promoter Acquisition: Mr. Jitendra Rasiklal Sanghvi has emerged as the new promoter, acquiring a substantial 71.76% stake in the company.
• Share Transfer Details: The acquisition involved two key transactions:
  1. Purchase of 21,00,000 shares from previous promoters through a share purchase agreement.
  2. Acquisition of an additional 52,933 shares through an open offer.
• Previous Promoters' Status: The earlier promoters now retain 1,50,000 equity shares, representing 5% of the total issued capital, which will be reclassified as public shareholding.

Detailed Breakdown of Shareholding Changes

Impact and Next Steps

The company has informed the BSE about this significant change in promoter shareholding. Sita Enterprises Limited will be filing its shareholding pattern for the September quarter, reflecting these revised holdings.

This change in promoter structure could potentially influence the company's strategic direction and governance. Investors and market watchers may be keen to observe any shifts in business strategy or management approach following this substantial ownership change.

Upcoming Board Meeting

In a related development, Sita Enterprises has scheduled a board meeting for November 7 to consider and approve the un-audited standalone financial results for the quarter and six months ended September 30. This meeting will provide further insights into the company's financial performance under the new ownership structure.

As the company transitions under new promotership, stakeholders will be watching closely for any changes in business strategy or performance in the coming quarters.