Tamilnadu Steel Tubes Reports Q1 Results, Appoints New CFO
Tamilnadu Steel Tubes Ltd. held its board meeting on August 14, approving Q1 financial results and making important decisions. The company reported revenue of Rs 25.09 crore, a 19.8% year-on-year growth, with a profit after tax of Rs 4.98 lakh. Key appointments include Shiv Bandhu as new CFO, Ms. N Neeraja as Internal Auditor, and M/s KSquared as GST Auditors. The 46th AGM is scheduled for September 24 via video conference. The board also reviewed related party transactions, tax notices, and plans for vehicle management.
*this image is generated using AI for illustrative purposes only.
Tamilnadu Steel Tubes Ltd. held its second board meeting for the fiscal year on August 14, approving the unaudited financial results for the quarter ended June 30, and making several key decisions.
Financial Performance
The company reported a revenue from operations of Rs 25.09 crore for Q1, compared to Rs 20.95 crore in the same quarter of the previous year, showing a year-on-year growth of 19.8%. The profit after tax (PAT) for the quarter stood at Rs 4.98 lakh, with basic and diluted earnings per share of Rs 0.10.
Key Financial Highlights
| Particulars | Amount (Rs in Lakhs) |
|---|---|
| Revenue from Operations | 2,508.60 |
| Total Income | 2,513.57 |
| Total Expenses | 2,508.21 |
| Profit Before Tax | 5.35 |
| Profit After Tax | 4.98 |
| Earnings Per Share (Rs) | 0.10 |
Board Decisions and Appointments
The board meeting, which commenced at 12:30 p.m. and concluded at 3:45 p.m., saw several important decisions:
CFO Change: The board accepted the resignation of H. Vinodh Kumar as Chief Financial Officer (CFO) and approved the appointment of Shiv Bandhu as the new CFO.
Internal Auditor: Ms. N Neeraja was appointed as the Internal Auditor for the financial year.
GST Auditors: M/s KSquared was appointed as GST Auditors.
Cost Audit: The board approved the cost audit report for the previous fiscal year issued by M/s. Latha Venkatesh & Associates.
Annual General Meeting
The company scheduled its 46th Annual General Meeting (AGM) for September 24, to be held via video conference. The board approved the draft notice for the AGM and the appointment of Mr. VS Sowrirajan, Practicing Company Secretary, as the scrutinizer for e-voting.
Other Notable Points
- The board reviewed and approved the Directors' Report for the previous fiscal year.
- Related party transactions, including royalty payments to Mr. Saatvik Goyal (shareholder with more than 10% stake), were reviewed.
- The company noted Income Tax notices received for assessment years 1997-98, 2011-12, and 2012-13, with appeals filed before the authorities.
- The board reviewed the lease of 6.5 acres of the company's factory land at MM Nagar to Mrs. Durgadevi Goyal.
- Plans for the sale of old company-owned cars (more than 7 years old) and proposals for purchasing new vehicles were discussed.
Tamilnadu Steel Tubes Ltd., known for manufacturing and exporting MS & GI, square & rectangle steel pipes, continues to navigate the challenging business environment while focusing on operational efficiency and corporate governance.
Historical Stock Returns for Tamilnadu Steel Tubes
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.97% | +7.43% | +8.08% | +26.84% | -4.84% | -13.96% |
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