Swasti Vinayaka Synthetics Reports Q1 Results, Appoints New Auditors
Swasti Vinayaka Synthetics Limited reported Q1 revenue of ₹741.39 crore, down from ₹952.39 crore in Q4 and ₹1,063.18 crore year-over-year. Net profit decreased to ₹25.20 crore. The board approved Q1 results and appointed new Secretarial and Internal Auditors. M/s. S. P. Jain & Associates was recommended as Statutory Auditor for a five-year term, subject to shareholder approval.
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Swasti Vinayaka Synthetics Limited , a prominent player in the textile industry, has released its unaudited financial results for the quarter ended June 30, alongside several key board decisions.
Financial Performance
The company reported a revenue from operations of ₹741.39 crore for Q1, showing a decrease from ₹952.39 crore in the previous quarter and ₹1,063.18 crore in the same quarter last year. The net profit for the quarter stood at ₹25.20 crore, down from ₹61.21 crore in the previous quarter and ₹134.05 crore in the corresponding quarter of the previous year.
Key Financial Metrics
| Particulars (in ₹ crore) | Q1 | Q4 | Q1 (Previous Year) |
|---|---|---|---|
| Revenue from Operations | 741.39 | 952.39 | 1,063.18 |
| Total Income | 743.65 | 952.93 | 1,470.62 |
| Net Profit | 25.20 | 61.21 | 50.92 |
| Basic & Diluted EPS (₹) | 0.03 | 0.07 | 0.05 |
Board Decisions
In a board meeting held on August 14, Swasti Vinayaka Synthetics made several important decisions:
Approval of Financial Results: The board approved the unaudited financial results for Q1.
Appointment of Secretarial Auditor: M/s. Sandeep Dar & Co. has been appointed as the Secretarial Auditor for the current financial year. The firm, based in Vashi, Navi Mumbai, brings 36 years of experience in various areas including Company Law, SEBI laws, RBI, FEMA, and Intellectual Property Law.
Appointment of Internal Auditor: M/s. M.M. Dubey & Co., a Mumbai-based chartered accountancy firm, has been appointed as the Internal Auditor for the current financial year. The firm has extensive experience in audit, taxation, and finance.
Recommendation for Statutory Auditor: The board has recommended the appointment of M/s. S. P. Jain & Associates, Chartered Accountants, as the Statutory Auditor for a term of five consecutive years. This appointment, subject to shareholder approval, would span from the 43rd to the 48th Annual General Meeting.
Management Commentary
Rajesh Poddar, Chairman & Managing Director of Swasti Vinayaka Synthetics Limited, signed off on the financial results. The company noted that the results have been reviewed by the audit committee and approved by the Board of Directors in their meeting held on August 14.
The appointment of new auditors and the recommendation for a new statutory auditor reflect the company's commitment to maintaining high standards of corporate governance and financial transparency.
Investors and stakeholders will be watching closely to see how Swasti Vinayaka Synthetics navigates the challenges reflected in its quarterly results and leverages its new audit partnerships in the coming fiscal year.
Historical Stock Returns for Swasti Vinayaka Synthetics
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +3.54% | -2.46% | -1.77% | -6.87% | -21.58% | +98.57% |
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