Ashish Polyplast Limited , a manufacturer of PVC premium braided and suction hoses, has announced significant corporate developments following a board meeting held on August 7. The company's Board of Directors convened to approve financial results and make key personnel changes.

Financial Performance

The board approved the unaudited financial results for the quarter ended June 30. Here are the key highlights:

Despite a decrease in revenue from operations, Ashish Polyplast Limited managed to improve its profitability, with net profit after tax increasing by 17.3% compared to the same quarter last year.

Corporate Governance Changes

In a significant move, the board accepted the resignation of Ms. Dipti Sharma from the position of Company Secretary. Following this, the board appointed Mrs. Krushi Jainam Sanghavi as the new Company Secretary and Compliance Officer, effective August 7.

New Company Secretary Profile

Mrs. Krushi Jainam Sanghavi brings valuable experience to her new role:

• Qualifications: Associate Member of the Institute of Company Secretaries of India (ICSI)
• Membership Number: A-46929
• Experience: Corporate legal compliance management, including ROC, SEBI, Stock Exchanges, RBI, and Labour Laws
• Skills: Preparation of corporate financial statements, board reports, and management discussion and analysis reports

The appointment of Mrs. Sanghavi is in compliance with Regulation 6 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Ashish D Panchal, Chairman and Managing Director of Ashish Polyplast Limited, signed off on these developments, marking a new chapter in the company's corporate governance structure.

The company's shares are listed on the BSE with the scrip code 530429 and security ID ASHISHPO. Investors and stakeholders can find more detailed information about these developments on the company's website www.ashishpolyplast.com and the BSE website www.bseindia.com .

Ashish Polyplast , a manufacturer of PVC premium braided and suction hoses, has reported a significant turnaround in its financial performance for the first quarter. The company's board meeting, held on August 7, revealed positive results and important corporate changes.

Financial Performance

Ashish Polyplast posted a net profit of Rs 39.12 lakh for the quarter, marking a substantial improvement from the loss of Rs 39.87 lakh reported in the previous quarter. The company's revenue from operations stood at Rs 373.94 lakh, showing a modest increase from Rs 366.09 lakh in the prior quarter.

Key financial highlights for the quarter:

The company's total revenue, including other income, reached Rs 415.95 lakh. Total expenses were reported at Rs 367.39 lakh, with the cost of materials consumed being the largest component at Rs 308.43 lakh.

Operational Highlights

Ashish Polyplast's primary business remains focused on the PVC pipes sector, specifically manufacturing PVC premium braided and suction hoses. The company's improved financial performance suggests a potential uptick in demand or operational efficiencies in this segment.

Corporate Updates

In addition to the financial results, the board meeting also addressed important corporate matters:

1. New Company Secretary Appointed: Mrs. Krushi Jainam Sanghavi has been appointed as the new Company Secretary and Compliance Officer, effective August 7. She replaces Ms. Dipti Sharma, who has resigned from the position.

2. Board Approval: The unaudited financial results for the quarter were reviewed by the audit committee and subsequently approved by the Board of Directors.

Management Commentary

Ashish Panchal, Managing Director of Ashish Polyplast Limited, signed off on the financial results and corporate announcements.

Looking Ahead

As Ashish Polyplast navigates the current fiscal year, the significant improvement in its bottom line will be a key point of interest for investors and industry observers. The appointment of a new Company Secretary also signals the company's commitment to maintaining strong corporate governance and compliance standards.

Investors and stakeholders will be watching closely to see if the company can maintain this positive momentum in the coming quarters, particularly in light of any broader economic factors affecting the PVC pipes and hoses industry.