Spice Islands Industries Reports Strong Q1 Performance, Board Changes, and AGM Details

Spice Islands Industries Limited (formerly known as Spice Islands Apparels Limited) has reported a significant turnaround in its financial performance for the first quarter ended June 30. The company has also announced changes in its board composition and details of its upcoming Annual General Meeting (AGM).

Financial Performance

The company reported a profit of Rs. 33.28 crore for Q1, compared to a loss of Rs. 6.13 crore in the same quarter of the previous year. This marks a substantial improvement in the company's financial health.

Revenue from operations saw a remarkable increase, rising to Rs. 192.57 crore from zero in the corresponding quarter last year. The total income for the quarter stood at Rs. 201.20 crore, including other income of Rs. 8.63 crore.

Segment-wise Performance

Spice Islands Industries operates across three business segments:

1. Hospitality Business: This segment emerged as the top revenue generator, contributing Rs. 151.74 crore to the total revenue.
2. Food and Beverages: This segment reported revenue of Rs. 32.06 crore.
3. Renting/Hire of Electric Vehicles (EV): The EV segment generated revenue of Rs. 8.77 crore.

Board Changes

The company announced the resignation of Kalpesh Thakorbhai Mistry (DIN: 07599056) from his position as an Independent Director, effective August 14. Mr. Mistry cited increasing professional commitments as the reason for his departure. Consequently, he has stepped down from his roles as Chairman of the Stakeholders Relationship Committee and Audit Committee, as well as his membership in the Nomination and Remuneration Committee.

Annual General Meeting

Spice Islands Industries has scheduled its 37th Annual General Meeting for September 24. The meeting will be conducted through Video Conferencing (VC) or Other Audio Visual Means (OAVM). Key dates related to the AGM include:

• Cut-off date for e-voting eligibility: September 17
• Book closure period: September 18 to September 24 (both days inclusive)

Other Corporate Actions

The company had previously allotted 19,33,324 share warrants at Rs. 45 per warrant (including a premium of Rs. 35 per warrant) on October 30. These warrants are convertible into equity shares in a 1:1 ratio. Spice Islands Industries has received Rs. 217.50 crore as 25% consideration for these share warrants.

The financial results for Q1 have been reviewed by the Audit Committee and approved by the Board of Directors. The statutory auditors have carried out a limited review of the financial results and issued an unmodified report.

Spice Islands Industries Limited continues to diversify its operations across multiple sectors, showing resilience and growth potential in its various business segments.