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."

Veedol Corporation Limited, a prominent player in the Indian oil industry, has announced the resignation of one of its board members. Vijay Mittal, who served as a Non-Executive and Non-Independent Director, has decided to step down from his position, citing time constraints as the primary reason for his departure.

Resignation Details

Mittal formally communicated his decision to resign from the board of Veedol Corporation Limited in a letter dated July 14, 2025. The company, adhering to regulatory requirements, disclosed this information to the stock exchanges on July 21, 2025, as per the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Reasons for Departure

Mittal's resignation stems from his anticipated inability to dedicate sufficient time to effectively discharge his duties as a Director of the company. In his resignation letter, he stated:

"The said resignation is tendered, in view of envisaged paucity of adequate time, as deemed necessary for effective discharge of my duties as a Director of the Company."

Board's Next Steps

The outgoing director has requested the Board to consider and record his resignation in the upcoming Board meeting. This move is in line with standard corporate governance practices, ensuring a smooth transition and proper documentation of the change in board composition.

Mittal's Parting Words

Expressing his gratitude, Mittal thanked the company for the opportunity to serve as a Director. He also acknowledged the support he received from his colleagues on the Board during his tenure. In his parting message, Mittal extended his best wishes for the continued success of Veedol Corporation Limited.

Impact and Outlook

While the immediate impact of Mittal's resignation on the company's operations remains to be seen, Veedol Corporation Limited is expected to address this change in its board composition in due course. Shareholders and market observers will likely keep a close watch on any subsequent appointments or changes in the company's leadership structure.

As Veedol Corporation navigates this transition, the focus will remain on the company's performance and strategic direction in the competitive oil industry landscape.