Veejay Lakshmi Engineering Works Limited (VLEW) has reported a robust performance for the first quarter, with significant growth in both revenue and profit.

Financial Highlights

• Total revenue from operations increased to Rs 2052.09 lakhs, up 14.7% from Rs 1789.51 lakhs in the previous quarter.
• Net profit after tax rose to Rs 471.31 lakhs, showing a 4.8% increase from Rs 449.54 lakhs in the prior quarter.
• Basic earnings per share (EPS) improved to Rs 9.30, compared to Rs 8.87 in the previous quarter.

Segment Performance

VLEW operates through two main segments:

1. Engineering Division: Generated revenue of Rs 551.15 lakhs
2. Textile Division: Contributed Rs 1500.94 lakhs to the total revenue

The company's performance was driven by strong growth in both divisions, with the Textile Division being the primary revenue generator.

Financial Position

Management Commentary

The company's board of directors approved the unaudited financial results at a meeting held on August 7. The statutory auditors, M/s. NRD Associates, issued an unmodified opinion on the unaudited financial results, indicating their satisfaction with the company's financial reporting.

Consolidated Results

The consolidated results, which include VLEW and its associate Veejay Sales and Services Limited, also showed positive performance. The group's share of net profit after tax stood at Rs 3.57 lakhs for the quarter.

Outlook

Veejay Lakshmi Engineering Works Limited's strong start to the quarter demonstrates the company's resilience and growth potential. The significant increase in revenue and steady profit growth indicate a positive trajectory for the company.

Investors and stakeholders will be watching closely to see if VLEW can maintain this momentum throughout the year, especially given the strong performance of its Textile Division.

Note: All financial figures are based on the unaudited results for the quarter, as reported by the company.

Veejay Lakshmi Engineering Works Limited has announced a significant change in its leadership team. D. Ranganathan, who served as both Director and Chief Financial Officer (CFO) of the company, has tendered his resignation, effective June 23, 2025. The decision comes as Ranganathan, aged 72, cites health reasons for his departure.

Long-standing Service

Ranganathan's association with Veejay Lakshmi Engineering Works spans over 15 years, marking a substantial period of contribution to the company's financial leadership. His journey with the company began with his initial appointment as Director in 2008, followed by his role as Chief Financial Officer in 2014. His most recent reappointment was in 2021, with his tenure set to be renewed for another three-year term starting June 24, 2025.

Key Responsibilities

During his time with the company, Ranganathan played a crucial role in various important committees. He was an active member of:

• Audit Committee
• Stakeholders Relationship Committee
• Finance Committee

These positions underscore the breadth of his involvement in the company's financial oversight and stakeholder relations.

Board's Response

The Board of Directors convened a meeting on July 19, 2025, to address Ranganathan's resignation. After deliberation, the Board accepted his decision to step down. In their official statement, the Board expressed their deep appreciation for Ranganathan's assistance, care, and guidance provided during his long tenure as a Director of the company.

Resignation Details

According to the company's filing, Ranganathan submitted his resignation letter on July 11, 2025, indicating his intention to step down from his positions effective June 23, 2025. This date coincides with the end of his current tenure. The company clarified that there were no material reasons for the resignation other than Ranganathan's health concerns.

Transition Period

It's worth noting that there was a brief period of consideration between Ranganathan's initial indication of his intention to resign and the formal submission of his resignation letter. The management had requested him to continue his employment and defer his resignation, which led to a delay in the final decision.

Looking Ahead

As Veejay Lakshmi Engineering Works Limited prepares for this transition in its financial leadership, the company will likely be focusing on ensuring a smooth handover of responsibilities. The search for a successor to fill the crucial roles of Director and Chief Financial Officer will be a key priority for the company in the coming months.

This change in leadership marks the end of an era for Veejay Lakshmi Engineering Works Limited, as they bid farewell to a long-standing financial steward who has been instrumental in guiding the company's financial strategies for over a decade and a half.