Zenotech Laboratories Reports Q1 Results, Appoints New Statutory Auditors
By ScanX News Team
Zenotech Laboratories Limited reported Q1 financial results with total income of Rs 1,023.16 lakhs, slightly down from Rs 1,024.96 lakhs year-over-year. Net profit decreased by 23.27% to Rs 98.96 lakhs. The company appointed M/s. G S K A & Co. as new statutory auditors for a five-year term, subject to shareholder approval. The 36th Annual General Meeting is scheduled for September 26.
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Zenotech Laboratories Limited , a pharmaceutical company, has released its unaudited financial results for the first quarter. The company also announced the appointment of new statutory auditors, marking a significant change in its financial oversight.
Financial Performance
Zenotech Laboratories reported a total income of Rs 1,023.16 lakhs for Q1, remaining relatively stable compared to Rs 1,024.96 lakhs in the same quarter last year. The company's revenue from operations stood at Rs 863.91 lakhs, showing a slight decrease from Rs 889.49 lakhs in Q1 of the previous year.
| Particulars (in Rs lakhs) | Q1 (Current) | Q1 (Previous) | YoY Change |
|---|---|---|---|
| Revenue from Operations | 863.91 | 889.49 | -2.87% |
| Total Income | 1,023.16 | 1,024.96 | -0.18% |
| Net Profit | 98.96 | 128.97 | -23.27% |
| EPS (in Rs) | 0.16 | 0.21 | -23.81% |
The company's net profit for the quarter decreased to Rs 98.96 lakhs from Rs 128.97 lakhs in the corresponding quarter of the previous year, representing a 23.27% decline. Consequently, the earnings per share (EPS) also decreased to Rs 0.16 from Rs 0.21 in the same period last year.
Operational Highlights
Zenotech Laboratories operates solely in the pharmaceuticals segment. The company's other operating income is derived from rentals for the biotech facility and equipment leased to Sun Pharmaceutical Industries Limited.
Appointment of New Statutory Auditors
In a significant development, the Board of Directors has approved the appointment of M/s. G S K A & Co. (Firm Registration No. 147093W) as the new statutory auditors of the company. This appointment is for a term of five consecutive years, starting from the conclusion of the 36th Annual General Meeting (AGM) to the conclusion of the 41st AGM, subject to shareholder approval.
The change in auditors comes as M/s. PKF Sridhar & Santhanam LLP completes their two consecutive terms as the company's statutory auditors.
Annual General Meeting
Zenotech Laboratories has scheduled its 36th Annual General Meeting for September 26 at 10:30 A.M. IST.
Looking Ahead
While Zenotech Laboratories has maintained a stable total income, the decrease in net profit and EPS indicates potential challenges in the current fiscal year. The company's focus on its pharmaceutical segment and its ongoing relationship with Sun Pharmaceutical Industries Limited for R&D activities may play crucial roles in its future performance.
The appointment of new statutory auditors also marks a new chapter in the company's financial oversight, potentially bringing fresh perspectives to its audit processes. As Zenotech Laboratories navigates the competitive pharmaceutical landscape, investors and stakeholders will be keenly watching how these changes and the company's strategies unfold in the coming quarters.
Historical Stock Returns for Zenotech Laboratories
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.71% | -7.27% | -10.94% | -5.25% | -11.33% | +145.18% |
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