Vaishno Cement Reports Q2 Loss, Director Resigns
Vaishno Cement Company Limited announced a net loss of Rs. 2.17 lakhs for Q2 and Rs. 44.82 lakhs for H1 ended September 30, with no operational income. The company's total assets stand at Rs. 55.66 lakhs, with negative equity of Rs. 140.46 lakhs. Ms. Jayita Bagchi resigned as Non-Executive Independent Woman Director, citing professional commitments. The company's financial position remains challenging with ongoing losses and no revenue generation.
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Vaishno Cement Company Limited has announced its unaudited financial results for the second quarter and half year ended September 30, revealing a net loss and the resignation of a key board member.
Financial Performance
The company reported a net loss of Rs. 2.17 lakhs for the quarter ended September 30, and a more substantial loss of Rs. 44.82 lakhs for the half-year period. Notably, Vaishno Cement did not generate any income from operations during these periods.
The financial results, as approved by the Board of Directors on November 10, show the following key figures:
| Particulars (in Rs. Lakhs) | Q2 | H1 | Q2 (Previous Year) |
|---|---|---|---|
| Net Sales | 0.00 | 0.00 | 0.00 |
| Other Income | 0.00 | 0.03 | 0.00 |
| Total Income | 0.00 | 0.03 | 0.00 |
| Total Expenses | 2.17 | 44.85 | 1.77 |
| Net Profit/(Loss) | (2.17) | (44.82) | (1.77) |
The company's expenses primarily consisted of employee benefit expenses and other expenses, with no reported finance costs or depreciation charges.
Board Changes
In a significant development, Ms. Jayita Bagchi (DIN: 08999808) has resigned from her position as Non-Executive Independent Woman Director of Vaishno Cement Company Limited, effective immediately. Ms. Bagchi cited "other professional preoccupancy" as the reason for her departure.
In her resignation letter, Ms. Bagchi expressed gratitude to the management for their cooperation and support during her tenure. The company has stated that there are no other material reasons for her resignation beyond what has been mentioned.
Financial Position
As of September 30, Vaishno Cement's balance sheet reflects:
- Total Assets: Rs. 55.66 lakhs
- Total Equity: Rs. (140.46) lakhs (negative)
- Non-current Liabilities: Rs. 190.41 lakhs
- Current Liabilities: Rs. 5.71 lakhs
The negative equity position indicates significant financial challenges for the company.
Cash Flow
For the half-year ended September 30, the company reported:
- Net cash from operating activities: Rs. 0.83 lakhs
- No cash flows from investing or financing activities
The cash and cash equivalents at the end of the period stood at Rs. 2.66 lakhs, showing a slight increase from Rs. 1.83 lakhs at the beginning of the period.
Vaishno Cement Company Limited continues to face operational and financial hurdles, as evidenced by the lack of operating income and ongoing losses. The resignation of a key board member adds to the challenges the company must address moving forward.
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