Southern Magnesium & Chemicals Limited (SMCL) has reported a net loss for the second quarter, while also announcing the reappointment of key executives for extended terms. The company's board meeting on August 7 addressed financial results and leadership changes.

Financial Performance

SMCL reported a net loss of ₹9.86 lakhs for Q2, a significant downturn compared to a profit of ₹177.80 lakhs in the same quarter last year. The company's revenue from operations also saw a substantial decline, dropping to ₹21.70 lakhs from ₹81.12 lakhs year-over-year.

The financial results for the quarter ended June 30, as approved by the Board of Directors, are presented in the following table:

*All figures in ₹ lakhs, except for Earnings per share

Executive Reappointments

The Board of Directors has approved the reappointment of two key executives:

1. Mr. N Ravi Prasad has been reappointed as Managing Director and Chief Executive Officer for a three-year term, effective from November 13. Mr. Prasad holds degrees in B.E., M.B.A., and a Post Graduation in M.S., with over three decades of experience in the industry.

2. Mr. N Rajender Prasad has been reappointed as Joint Managing Director and Chief Financial Officer for a three-year term, starting August 10. Mr. Rajender Prasad is a Chemical Engineering graduate with a Post Graduation in M.S. and has more than two decades of industry experience.

Both reappointments are subject to shareholder approval at the upcoming 39th Annual General Meeting (AGM).

Annual General Meeting

SMCL has scheduled its 39th AGM for September 29. The meeting will be held virtually through video conferencing or other audio-visual means. The company has set the book closure dates from September 23 to September 29 (both days inclusive) for AGM purposes.

Southern Magnesium & Chemicals Limited operates in the magnesium business segment and maintains 3 million weighted average equity shares. The company's unaudited financial results have been prepared in accordance with Indian Accounting Standards (Ind AS) and have undergone a limited review by the statutory auditors.

Southern Magnesium & Chemicals Limited, a Hyderabad-based company specializing in magnesium products, has reported a net loss for the first quarter of the fiscal year and announced key management reappointments.

Financial Performance

The company's unaudited financial results for the quarter ended June 30, 2025, reveal a significant downturn in performance compared to the same period last year:

The company experienced a substantial decline in revenue from operations, which fell to Rs 21.70 lakhs from Rs 81.12 lakhs year-over-year, representing a 73.25% decrease. This sharp decline in revenue contributed to a net loss of Rs 9.86 lakhs for the quarter, compared to a profit of Rs 177.80 lakhs in the same quarter of the previous year.

Management Reappointments

In a board meeting held on August 7, 2025, Southern Magnesium & Chemicals Limited approved several key management reappointments:

1. Mr. N Ravi Prasad has been re-appointed as Managing Director and Chief Executive Officer for a three-year term, effective from November 13, 2025. This appointment is subject to shareholder approval at the upcoming Annual General Meeting (AGM).

2. Mr. N Rajender Prasad has been re-appointed as Joint Managing Director and Chief Financial Officer for a three-year term, starting from August 10, 2025. This reappointment is subject to ratification by shareholders at the ensuing AGM.

Both reappointments were made based on recommendations from the Nomination and Remuneration Committee, with Mr. N Rajender Prasad's reappointment also receiving a recommendation from the Audit Committee.

Annual General Meeting

The company has scheduled its 39th Annual General Meeting for September 29, 2025. The AGM will be conducted through video conferencing or other audio-visual means. The book closure dates for the AGM have been set from September 23 to September 29, 2025 (both days inclusive).

Southern Magnesium & Chemicals Limited operates within a single business segment, focusing on magnesium products. The company's financial results have been prepared in accordance with Indian Accounting Standards (Ind AS) and have undergone a limited review by the statutory auditors, who have issued an unqualified conclusion.