Authum Investment & Infrastructure Limited , a key player in the investment and infrastructure sector, has come under scrutiny as the Enforcement Directorate (ED) launched an enquiry at the company's premises. The investigation specifically pertains to matters related to Reliance Commercial Finance Limited and Reliance Home Finance Limited.

Company's Response

In response to the ED's enquiry, Authum has taken a proactive stance:

• The company has submitted relevant documentation to the authorities.
• Authum has expressed its commitment to respond to any additional queries with transparency.

Impact on Operations

Despite the ongoing enquiry, Authum Investment & Infrastructure Limited has made several assertions regarding its business continuity:

1. No Operational Impact: The company stated that this development does not affect its day-to-day operations.
2. Financial Performance Unaffected: Authum assured that its financial performance remains intact.
3. Strategic Direction Maintained: The long-term strategic plans of the company continue to be in place without any alterations.
4. Business Functionality: All aspects of Authum's business remain fully functional.

Company's Position

Authum Investment & Infrastructure Limited has emphasized two key points in light of this development:

1. Independent Operations: The company asserted that it operates independently with a clear governance structure in place.
2. Focus on Growth: Authum reaffirmed its commitment to long-term growth plans, indicating that the current enquiry has not deterred its future objectives.

As the situation unfolds, stakeholders and market observers will be closely monitoring any further developments in this matter. The company's transparent approach and assurances of uninterrupted operations may help in maintaining confidence among its investors and partners.

Authum Investment & Infrastructure Limited has announced its financial results for the first quarter, reporting a robust profit despite a decrease in revenue.

Financial Highlights

• Net profit for Q1 stood at ₹941.32 crore, compared to ₹1,092.75 crore in the same period last year
• Revenue for the quarter was ₹1,210.40 crore, down from ₹1,412.36 crore year-over-year
• Total income, including other income, reached ₹1,219.39 crore

Key Developments

During the quarter, Authum Investment & Infrastructure made significant moves that impacted its financial performance:

1. Loan Settlement: The company settled a loan with a borrower, acquiring ownership/beneficiary rights on certain shares. This transaction resulted in an operating income of ₹491.89 crore.

2. Acquisition: Authum acquired a majority stake in India SME Asset Reconstruction Company Limited (ISARC), purchasing 20,32,50,000 equity shares, constituting 88.37% of ISARC's paid-up share capital. This acquisition was completed on June 17, making ISARC a subsidiary of Authum.

Segment Performance

The company's financial results were broken down into different segments:

Management Changes

The Board of Directors made several key management changes:

• Mr. Amit Dangi, Whole Time Director, was designated as the Chairman of the Board effective July 14.
• Ms. Avni Shah resigned as the Company Secretary & Compliance Officer.
• Ms. Dipyanti Jaiswar was appointed as the new Company Secretary and Compliance Officer, effective July 15.

Outlook

While the company saw a decrease in revenue compared to the same quarter last year, the significant profit and strategic moves, such as the ISARC acquisition, indicate that Authum Investment & Infrastructure is positioning itself for future growth and diversification of its business activities.

Investors and stakeholders will likely be watching closely to see how these recent developments, particularly the acquisition of ISARC, will impact the company's performance in the coming quarters.