Dhampure Speciality Sugars Limited , a key player in the sugar industry, has successfully concluded its 33rd Annual General Meeting (AGM) with shareholders approving several important resolutions, including the re-appointment of Mr. Ajay Goyal as a Non-Executive Independent Director for a second term of five years.

Key Highlights of the AGM

The AGM, held on September 30, at the company's registered office in Uttar Pradesh, saw active participation from shareholders. Here are the main outcomes:

1. Re-appointment of Ajay Goyal: Shareholders approved the special resolution to re-appoint Mr. Ajay Goyal (DIN: 02323366) as a Non-Executive Independent Director for a second term of five years, effective from July 20.

2. Financial Statements Adoption: The audited financial statements for the fiscal year ended March 31, along with the reports of the Board of Directors and Auditors, were adopted.

3. Director Re-appointment: Mrs. Praveen Singh (DIN: 07145827), who retired by rotation, was re-appointed as a Director.

4. Secretarial Auditor Appointment: The appointment of Mrs. Uma Verma as the Secretarial Auditor was approved.

Voting Results

The resolutions were passed with overwhelming support from shareholders. The voting results showed:

Profile of Ajay Goyal

Mr. Ajay Goyal brings over 35 years of diverse experience to Dhampure Speciality Sugars. His expertise spans construction, renewable energy, waste management, and manufacturing. Goyal holds a post-graduate degree in commerce from Meerut University and currently serves as Managing Director at Ved Gyan Infrastructure Private Limited and Director at Envio Energy Technologies Private Limited.

The company expects Goyal's extensive experience in renewable energy and waste management to contribute significantly to reducing manufacturing costs, potentially boosting the company's operational efficiency.

Management Commentary

Sorabh Gupta, Chairman and Managing Director of Dhampure Speciality Sugars, presided over the AGM. The meeting was attended by key company officials, including Mrs. Praveen Singh (Non-Executive Women Director), Mr. Mohd Arshad Suhail Siddiqui (Non-Executive Independent Director), and Mr. Aneesh Jain (Company Secretary).

Trading Window Closure

In compliance with SEBI regulations, Dhampure Speciality Sugars has announced the closure of the trading window for designated persons from October 1, until 48 hours after the declaration of financial results for the quarter and half-year ending September 30.

The successful conclusion of the AGM and the strong shareholder support for all resolutions indicate a positive outlook for Dhampure Speciality Sugars as it moves forward with its strategic plans and corporate governance initiatives.

Dhampure Speciality Sugars Limited has announced its financial results for the first quarter, revealing a mixed performance across its consolidated and standalone operations.

Consolidated Performance

On a consolidated basis, the company reported a net profit of ₹48.87 lakh, compared to ₹55.74 lakh in the same quarter of the previous year. Despite the slight decline in profit, the company's total income saw a significant increase, rising to ₹1,268.09 lakh from ₹710.08 lakh year-over-year.

The consolidated earnings per share (EPS) for the quarter stood at ₹0.59, down from ₹0.70 in the corresponding quarter last year.

Standalone Results

The standalone results painted a different picture, with the company reporting a net loss of ₹15.27 lakh, in contrast to a profit of ₹56.81 lakh in the previous year's quarter. The standalone EPS turned negative at ₹-0.18 compared to ₹0.72 in the same period last year.

Revenue Growth and Expenses

Dhampure Speciality Sugars saw substantial growth in its revenue. The consolidated total income for the quarter reached ₹1,268.09 lakh, marking a 78.60% increase from ₹710.08 lakh in the same period last year.

However, this growth in revenue was accompanied by a significant rise in expenses. Total expenses on a consolidated basis increased to ₹1,233.97 lakh from ₹637.80 lakh year-over-year, representing a 93.50% jump.

Key Financial Highlights:

Exceptional Item

The company recorded an exceptional loss of ₹23 lakh during the quarter, which impacted the overall profitability.

Management Commentary

In its notes to the financial results, the company stated, "Sugar & Jaggery being a seasonal industry, the performance of the quarter may not be representative of the annual performance of the Company." This highlights the cyclical nature of the business and suggests that quarterly results should be viewed in the context of full-year performance.

Board Meeting and Approvals

The financial results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on August 4. The company also disclosed that these results are being published in newspapers and are available on the company's website.

Conclusion

While Dhampure Speciality Sugars Limited has shown strong revenue growth, the increase in expenses and the standalone loss indicate challenges in maintaining profitability. The seasonal nature of the sugar and jaggery industry adds complexity to interpreting quarterly results, and stakeholders may need to consider full-year performance for a more comprehensive assessment of the company's financial health.