Visagar Polytex Reports Wider Q1 Loss, Appoints New Director
Visagar Polytex Limited reported a net loss of Rs 59.62 lakh for Q1, wider than the Rs 44.67 lakh loss in the same period last year. Revenue from operations revived to Rs 10.85 lakh. Total expenses rose to Rs 70.47 lakh. The company appointed Mr. Vikasjeet Singh as an Additional Director and adopted new corporate governance codes. EPS remained negative at Rs 0.02.
*this image is generated using AI for illustrative purposes only.
Visagar Polytex Limited , a textile company, has reported a wider net loss for the first quarter, while also announcing changes to its board of directors and corporate governance policies.
Financial Performance
The company reported a net loss of Rs 59.62 lakh for the quarter, compared to a loss of Rs 44.67 lakh in the same period last year. Despite the increased loss, Visagar Polytex saw a revival in its revenue from operations, which stood at Rs 10.85 lakh, up from zero in the previous year's corresponding quarter.
Expense Breakdown
Total expenses for the quarter rose to Rs 70.47 lakh. The major components of expenses were:
| Expense Category | Amount (Rs in lakh) |
|---|---|
| Other Expenses | 37.49 |
| Depreciation | 13.68 |
| Finance Costs | 8.48 |
| Employee Benefits | 2.03 |
Board Appointment
In a significant move, Visagar Polytex appointed Mr. Vikasjeet Singh as an Additional Director (Non-Executive, Non-Independent) to its board. Mr. Singh, who graduated from Punjab University in 2018, brings over two years of experience in VFX compositing to the company. The appointment is effective from August 13, subject to shareholder approval.
Corporate Governance Updates
The board meeting, which lasted from 1:00 PM to 2:10 PM on August 13, also saw the adoption of updated codes of conduct. The company approved:
- A 'Code of conduct to regulate, monitor and report trading by designated persons'
- A 'Code of Practices and Procedures for Fair Disclosures of Unpublished Price Sensitive Information'
These measures aim to enhance the company's corporate governance practices and ensure compliance with regulatory requirements.
Financial Metrics
The company's performance reflected in its per-share earnings:
- Earnings per share (EPS) remained negative at Rs 0.02 for both basic and diluted calculations.
- The face value of each share stands at Rs 1.00.
- The paid-up equity share capital of the company is Rs 2,927.01 lakh.
Despite the challenging quarter, Visagar Polytex's management has not provided any forward-looking statements or guidance for the upcoming quarters.
Historical Stock Returns for Visagar Polytex
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +5.06% | +6.41% | +7.79% | -3.49% | -22.43% | +137.14% |
16
