Veljan Denison Reports Robust Q1 Results, Approves Key Business Decisions
Veljan Denison Limited reported robust Q1 financial results with significant growth in revenue and profitability. Standalone revenue increased by 14.45% to Rs 3,853.05 lakhs, while profit after tax rose by 41.99% to Rs 710.96 lakhs. Consolidated revenue grew by 15.82% to Rs 4,262.22 lakhs, with profit after tax up 44.16% to Rs 733.37 lakhs. The Board approved several key decisions including re-appointment of the Cost Auditor, recommendation for director re-appointment, scheduling of the 51st AGM, approval of material related party transactions, and setting of record date and book closure dates.
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Veljan Denison Limited , a leading manufacturer of hydraulic products, has announced strong financial results for the first quarter, along with several key business decisions approved by its Board of Directors.
Financial Performance
The company's unaudited financial results for the quarter ended June 30 showcase significant growth in both revenue and profitability:
| Particulars (in Rs. lakhs) | Q1 (Standalone) | Q1 (Standalone) | Q1 (Consolidated) | Q1 (Consolidated) |
|---|---|---|---|---|
| Revenue from Operations | 3,853.05 | 3,366.65 | 4,262.22 | 3,680.07 |
| Profit After Tax | 710.96 | 500.71 | 733.37 | 508.73 |
On a standalone basis, Veljan Denison reported a revenue of Rs 3,853.05 lakhs, marking a 14.45% increase from the same quarter last year. The company's profit after tax saw a substantial rise of 41.99%, reaching Rs 710.96 lakhs.
The consolidated results show revenue climbing to Rs 4,262.22 lakhs, up 15.82% year-over-year. Consolidated profit after tax stood at Rs 733.37 lakhs, representing a 44.16% increase compared to the previous year.
Key Business Decisions
During the Board meeting held on August 2, several important decisions were made:
Re-appointment of Cost Auditor: M/s. SRK & Co., Cost Accountants, have been re-appointed as the Cost Auditor, subject to shareholder ratification.
Board Recommendation: The Board has recommended the re-appointment of Mrs. Umadevi Uppaluri as a director, who is retiring by rotation and has offered herself for re-appointment.
Annual General Meeting: The 51st Annual General Meeting (AGM) is scheduled for August 29 at 3:00 PM at the company's registered office in Hyderabad.
Material Related Party Transactions: The Board has approved material related party transactions with Veljan Hydrair Limited, Suxus Systems Limited, and ECMAT Limited, subject to shareholder approval at the upcoming AGM.
Record Date: August 22 has been set as the record date for e-voting eligibility and dividend payment, subject to approval at the AGM.
Book Closure: The Register of Members and Share Transfer Books will remain closed from August 23 to August 29 (both days inclusive) for the AGM and dividend payment purposes.
Outlook
The strong financial performance in Q1 reflects Veljan Denison's resilience and growth potential in the hydraulic products sector. The company's focus on operational efficiency and strategic decision-making positions it well for continued success in the coming quarters.
Investors and stakeholders will be keenly watching the upcoming AGM for further insights into the company's future plans and the approval of key resolutions, including the material related party transactions and director re-appointment.
Historical Stock Returns for Veljan Denison
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.32% | -0.71% | -2.73% | +29.07% | -22.01% | +201.82% |
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