Viji Finance Reports Q1 Loss, Appoints New Secretarial Auditors
Viji Finance Limited reported a net loss of Rs 33.00 lacs for Q1 ended June 30, compared to a loss of Rs 10.31 lacs in the same quarter last year. Total income decreased to Rs 65.85 lacs from Rs 103.60 lacs in the previous quarter. The company appointed new Secretarial Auditors, reconstituted its Finance Committee, and approved plans for listing on SDAX Exchange Singapore. Despite challenges, management remains committed to improving financial performance and expanding internationally.
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Viji Finance Limited , a financial services company, has reported a net loss of Rs 33.00 lacs for the quarter ended June 30, compared to a loss of Rs 10.31 lacs in the same quarter last year. The company's financial performance and corporate updates were disclosed in its recent board meeting held on August 5.
Financial Performance
The company's total income decreased to Rs 65.85 lacs from Rs 103.60 lacs in the previous quarter. Here's a breakdown of the key financial metrics:
| Particulars (in Rs Lacs) | Q1 | Q4 | Q1 (Previous Year) |
|---|---|---|---|
| Total Income | 65.85 | 103.60 | 53.46 |
| Total Expenses | 99.23 | 30.20 | 67.77 |
| Net Profit/(Loss) | (33.00) | 67.98 | (10.31) |
| EPS (Basic & Diluted) | (0.02) | 0.05 | (0.01) |
The company's interest income remained relatively stable at Rs 56.52 lacs. However, total expenses increased significantly to Rs 99.23 lacs from Rs 30.20 lacs in the previous quarter, primarily due to higher employee benefit expenses and other expenses.
Corporate Updates
Appointment of Secretarial Auditors
The board approved the appointment of Ramesh Chandra Bagdi & Associates, Practicing Company Secretaries, as Secretarial Auditors for a five-year term, subject to shareholder approval at the upcoming Annual General Meeting.
Finance Committee Reconstitution
The company reconstituted its Finance Committee of Board of Directors, effective August 5, with Mr. Vijay Kothari as Chairperson, and Mr. Nitesh Gupta and Mr. Aryaman Kothari as members.
International Listing Plans
The board approved draft documents for listing equity shares of promoters and promoter group on SDAX Exchange Singapore, indicating potential plans for international expansion.
Management Commentary
Vijay Kothari, Chairman & Managing Director of Viji Finance Limited, stated, "While we faced challenges in the first quarter, we remain committed to improving our financial performance. The appointment of new secretarial auditors and the reconstitution of our Finance Committee are steps towards strengthening our corporate governance. Additionally, our plans for listing on the Singapore exchange reflect our ambition for international growth."
The company's unaudited financial results have been reviewed by the Audit Committee and approved by the Board of Directors. They are subject to limited review by the statutory auditors of the company.
Viji Finance Limited continues to operate in the finance services segment, focusing on interest income as its primary revenue source. The company's management is taking steps to address the increased expenses and aims to return to profitability in the coming quarters.
Historical Stock Returns for Viji Finance
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -9.23% | -12.14% | -14.29% | +6.96% | -33.87% | +392.00% |
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