Hem Holdings Reports Profit in Q2, Appoints New Directors
Hem Holdings and Trading Limited announced board changes and positive Q2 results. Three new directors will join the board from October 1, pending shareholder approval. The company reported a significant financial turnaround with revenue from operations at Rs. 20.71 lacs, compared to zero in the previous year. Total revenue increased by 590.3% to Rs. 20.71 lacs. Expenses decreased by 12.8%, resulting in a profit after tax of Rs. 15.68 lacs, reversing a previous loss. EPS improved to Rs. 6.53 from -Rs. 1.15. The company also announced a change in registered office address and scheduled its 43rd AGM for September 27.
*this image is generated using AI for illustrative purposes only.
Hem Holdings and Trading Limited , a Mumbai-based investment company, has announced significant changes to its board composition along with positive financial results for the quarter ended June 30.
Board Appointments
The company's Board of Directors has approved the appointment of three new directors, effective October 1, subject to shareholder approval at the upcoming Annual General Meeting:
- Himanshu Agarwal - Independent Director
- Jubin Premji Gada - Independent Director
- Shubham Arvind Kumar Jain - Non-Executive Non-Independent Director
All three appointments are for a five-year term, extending until September 30, 2030.
Financial Performance
Hem Holdings reported a notable turnaround in its financial performance for Q2:
| Particulars (in Rs. Lacs) | Q2 Current | Q2 Previous | Change |
|---|---|---|---|
| Revenue from Operations | 20.71 | 0.00 | N/A |
| Total Revenue | 20.71 | 3.00 | 590.3% |
| Total Expenses | 5.03 | 5.77 | -12.8% |
| Profit After Tax | 15.68 | -2.77 | N/A |
| Basic EPS (in Rs.) | 6.53 | -1.15 | N/A |
The company's revenue from operations stood at Rs. 20.71 lacs in the current quarter, compared to no operational revenue in the same quarter last year. This contributed to a significant increase in total revenue, rising from Rs. 3.00 lacs in the previous Q2 to Rs. 20.71 lacs in the current Q2.
Notably, Hem Holdings managed to reduce its total expenses by 12.8% year-over-year, from Rs. 5.77 lacs to Rs. 5.03 lacs. This cost control, combined with the revenue growth, resulted in a profit after tax of Rs. 15.68 lacs for the current Q2, reversing the loss of Rs. 2.77 lacs reported in the previous Q2.
The company's earnings per share (EPS) also showed a marked improvement, rising to Rs. 6.53 in the current Q2 from a negative Rs. 1.15 in the corresponding quarter of the previous year.
Other Corporate Actions
In addition to the financial results and board appointments, Hem Holdings announced the following corporate actions:
Shifting of Registered Office: The company will be moving its registered office within Mumbai to Unit No V-348, The Centrium, 3rd Floor, Kurla Kirol, LBS, Kurla, Mumbai, Maharashtra, India, 400070.
Annual General Meeting: The 43rd Annual General Meeting (AGM) is scheduled for September 27, to be held through video conferencing or other audio-visual means, in line with regulatory guidelines.
These developments, particularly the improved financial performance and the addition of new directors, may signal a period of growth and strategic changes for Hem Holdings and Trading Limited. Investors and stakeholders will likely be watching closely to see how these changes impact the company's future performance and direction.
Historical Stock Returns for Springform Technology
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -100.00% | 0.0% | 0.0% | 0.0% | -100.00% | -100.00% |
20
