Veedol Corporation Limited, formerly known as Tide Water Oil Company (India) Ltd., has reported a significant decline in its financial performance for the first quarter. The company's unaudited financial results, released on August 13, reveal a downturn across key financial metrics compared to the same period last year.

Financial Highlights

• Total Income: The company's total income from operations decreased by 3.2% to Rs 385.35 crore, down from Rs 398.23 crore in the previous year's Q1.
• Net Profit: Net profit after tax saw a substantial drop of 39.2%, falling to Rs 16.29 crore from Rs 26.78 crore.
• Profit Before Tax: Net profit before tax and exceptional items declined by 41.6% to Rs 19.70 crore, compared to Rs 33.74 crore.
• Total Comprehensive Income: The company reported a 38.6% decrease in total comprehensive income, which stood at Rs 16.25 crore, down from Rs 26.48 crore.
• Earnings Per Share (EPS): EPS decreased to Rs 9.59 from Rs 15.76 in the same quarter last year.

Comparative Financial Performance

The company maintained its equity share capital at Rs 3.40 crore.

Consolidated Performance

On a consolidated basis, Veedol Corporation reported:

• Total income from operations of Rs 519.37 crore
• Net profit after tax of Rs 49.67 crore
• Earnings per share of Rs 29.23

These figures indicate that while the standalone performance has declined, the consolidated results show a relatively stronger position.

The full unaudited financial results for the quarter are available on the National Stock Exchange and Bombay Stock Exchange websites, as well as on the company's official website at www.veedolindia.com .

Veedol Corporation Limited, headquartered at 'Yule House' in Kolkata, continues to navigate through challenging market conditions. The significant decline in profitability may prompt investors and analysts to closely monitor the company's performance in the coming quarters for signs of recovery or further changes in its financial trajectory.

Veedol Corporation Limited, formerly known as Tide Water Oil Co. (India) Limited, has reported a mixed set of financial results for the first quarter, along with several key management changes and corporate actions.

Financial Performance

On a standalone basis, Veedol Corporation reported a significant decline in quarterly profit. The company's standalone profit for Q1 stood at Rs. 16.29 crores, down 39.2% from Rs. 26.78 crores in the same period last year. Revenue from operations also saw a slight dip, decreasing to Rs. 372.77 crores from Rs. 378.24 crores year-on-year.

However, the consolidated results paint a more positive picture. The company's consolidated profit increased to Rs. 49.67 crores, up 33.8% from Rs. 37.11 crores in the previous year. Consolidated revenue rose to Rs. 513.62 crores from Rs. 478.87 crores, marking a 7.3% growth.

Key Financial Metrics (Standalone)

Management Changes and Corporate Actions

The Board of Directors, at its 350th meeting held on August 13, 2025, made several key decisions:

New Director Appointment

Brajesh Kumar Srivastava (DIN: 09835338) has been appointed as a Non-Executive and Non-Independent Director of the company. Mr. Srivastava brings over 32 years of government experience in various domains, including policy formulation, implementation, and finance.

Senior Management Appointment

Dr. Manish Khodaskar has been appointed as Sr. General Manager – HR, Admin. & CSR, expected to join on September 16, 2025. Dr. Khodaskar holds a Ph.D. in Business Management & Business Administration and brings over two decades of work experience.

Company Secretary Resignation

Saptarshi Ganguly has resigned as Company Secretary, effective October 10, 2025, to pursue other career opportunities.

Additional Internal Auditors

P G Bhagwat LLP, a chartered accountancy firm with over 85 years of experience, has been appointed as additional internal auditors alongside the existing firm, Dhandhania & Associates.

Asset Disposal

The Board approved the sale of office space in Chennai, measuring approximately 2,780 sq. ft., to R V Law Associates for Rs. 2 crores.

Other Notable Information

• The company's name change from Tide Water Oil Co. (India) Limited to Veedol Corporation Limited became effective on September 20, 2024.
• An exceptional item of Rs. 6.56 crores was reported in the previous financial year due to inventory loss from a fire at a third-party depot in Bhiwandi, Maharashtra.
• The Group's business activity falls within a single reportable operating segment, namely "Lubricants."