Veer Energy & Infrastructure Reports Profit Turnaround in Q1, Schedules 45th AGM
Veer Energy & Infrastructure Limited posted a profit of ₹31.39 lakhs in Q1, compared to a loss of ₹56.56 lakhs in the previous quarter. Despite a decrease in revenue from operations to ₹65.05 lakhs, total revenue stood at ₹128.14 lakhs. Expenses reduced significantly from ₹507.48 lakhs to ₹96.75 lakhs. Earnings per share improved to ₹0.21 from -₹0.37. The company's 45th Annual General Meeting is scheduled for September 30 in Mumbai.
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Veer Energy & Infrastructure Limited , a company operating in the infrastructure sector, has reported a significant turnaround in its financial performance for the first quarter. The company's board of directors approved the unaudited financial results for the quarter ended June 30, at a meeting held on August 12.
Financial Highlights
The company posted a profit of ₹31.39 lakhs for Q1, marking a substantial improvement from the loss of ₹56.56 lakhs reported in the previous quarter. This positive shift in profitability comes despite a decrease in revenue from operations.
Here's a breakdown of the key financial metrics:
| Particulars (in ₹ lakhs) | Q1 | Q4 | Q1 (Previous Year) |
|---|---|---|---|
| Revenue from Operations | 65.05 | 247.53 | 103.47 |
| Other Income | 63.09 | 182.87 | 71.29 |
| Total Revenue | 128.14 | 430.40 | 174.76 |
| Total Expenses | 96.75 | 507.48 | 141.86 |
| Profit/(Loss) before Tax | 31.39 | -77.08 | 32.90 |
| Profit/(Loss) after Tax | 31.39 | -56.56 | 24.40 |
| Earnings Per Share (₹) | 0.21 | -0.37 | 0.16 |
Revenue and Profitability
While the company's revenue from operations decreased to ₹65.05 lakhs in Q1 from ₹247.53 lakhs in the previous quarter, the total revenue, including other income, stood at ₹128.14 lakhs. The significant reduction in expenses, from ₹507.48 lakhs in Q4 to ₹96.75 lakhs in Q1, contributed to the profit turnaround.
Earnings Per Share
The earnings per share (EPS) for Q1 was reported at ₹0.21, a notable improvement from the negative EPS of ₹0.37 in the previous quarter.
Annual General Meeting
In addition to the financial results, the board of directors approved the Director's Report for the financial year ending March 31. The company has scheduled its 45th Annual General Meeting (AGM) for September 30, at 10:30 AM in Mumbai.
Segment Information
Veer Energy & Infrastructure Limited continues to operate in a single segment, namely 'Infrastructure', as per the company's disclosure.
Auditor's Review
The financial results have been subject to a limited review by the company's auditors, Jayesh R Shah & Co., Chartered Accountants. The review report states that nothing has come to their attention that causes them to believe that the financial results are not prepared in accordance with applicable accounting standards and SEBI regulations.
The company's ability to turn a profit despite reduced operational revenue highlights potential improvements in cost management and efficiency.
Historical Stock Returns for Veer Energy & Infrastructure
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.89% | -0.12% | +4.31% | +0.78% | -36.49% | +214.10% |
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