VSF Projects Limited Reports Q1 Loss, Announces Leadership Changes
VSF Projects Limited (BSE: 519331) reported a net loss of Rs. 3.83 lakhs for Q1 ended June 30, compared to a profit of Rs. 2.58 lakhs in the previous quarter. Total income decreased by 55.53% year-over-year to Rs. 19.07 lakhs. The company announced the resignation of NSVR & Associates LLP as statutory auditors, appointing V D P & Co. Chartered Accountants as replacements. P S Rao & Associates were recommended as secretarial auditors for a five-year term. P. Lenin Babu was appointed as Company Secretary and Compliance Officer. The Board approved the notice for the 33rd Annual General Meeting.
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VSF Projects Limited, a company listed on the Bombay Stock Exchange (BSE: 519331), has reported a net loss for the quarter ended June 30, along with several significant changes in its leadership and auditing structure.
Financial Performance
The company's unaudited financial results for Q1 reveal a challenging quarter:
| Particulars (in Rs. Lakhs) | Q1 | Q4 | Q1 (Previous Year) | YoY Change |
|---|---|---|---|---|
| Revenue from Operations | 0.00 | 0.00 | 0.00 | 0.00% |
| Other Income | 19.07 | 21.27 | 42.88 | -55.53% |
| Total Income | 19.07 | 21.27 | 42.88 | -55.53% |
| Total Expenses | 22.90 | 18.69 | 40.30 | -43.18% |
| Net Profit/(Loss) | (3.83) | 2.58 | 2.58 | -248.45% |
| EPS (in Rs.) | (0.02) | 0.05 | 0.05 | -140.00% |
VSF Projects Limited reported a net loss of Rs. 3.83 lakhs for the quarter, compared to a profit of Rs. 2.58 lakhs in the previous quarter. The company's total income decreased by 55.53% year-over-year to Rs. 19.07 lakhs, consisting entirely of other income with no revenue from operations.
Leadership and Auditor Changes
The company's Board of Directors has approved several significant changes:
Statutory Auditor Resignation: NSVR & Associates LLP, Chartered Accountants, have resigned as statutory auditors, citing time, effort, and cost considerations.
New Statutory Auditor Appointment: V D P & Co. Chartered Accountants (Firm Regn No: 0246075) have been appointed as the new statutory auditors, subject to shareholder approval at the upcoming Annual General Meeting (AGM).
Secretarial Auditor Recommendation: The Board has recommended the appointment of P S Rao & Associates as the company's secretarial auditor for a five-year term, pending shareholder approval at the AGM.
New Company Secretary: P. Lenin Babu has been appointed as the Company Secretary and Compliance Officer, effective August 14.
Annual General Meeting
The Board has approved the notice for convening the 33rd Annual General Meeting of the company. The date and other details of the AGM are yet to be announced.
Outlook
The company's financial performance in Q1 indicates ongoing challenges, with no revenue from operations and a significant decrease in other income. The leadership changes, particularly in the auditing structure, may signal a strategic shift in the company's approach to financial management and compliance.
Investors and stakeholders will likely be watching closely to see how these changes impact VSF Projects Limited's performance and governance in the coming quarters.
Historical Stock Returns for VSF Projects
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.39% | +6.50% | -2.42% | -18.07% | -6.60% | +549.41% |
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