Lexoraa Industries Reports Q1 Loss and Board Reshuffles
Lexoraa Industries Limited reported a net loss of ₹4.16 lakhs for Q1 FY24, with revenue at ₹154.46 lakhs. The company appointed Mr. Sagar Shah as a new Independent Director, while Mr. Pranam Harish Mehta resigned. Mr. Kalpesh Chandrakant Joshi stepped down as Company Secretary. Key committees were restructured, and M/s. GMJ & Associates was appointed as Secretarial Auditor for FY 2024-25.
*this image is generated using AI for illustrative purposes only.
Lexoraa Industries Limited, formerly known as Servoteach Industries Limited, has announced its financial results for the quarter ended June 30, along with significant changes to its board of directors.
Financial Performance
The company reported a net loss of ₹4.16 lakhs for the quarter, compared to a loss of ₹3.02 lakhs in the previous quarter. Revenue from operations stood at ₹154.46 lakhs. The earnings per share (EPS) for the quarter was negative at ₹0.11.
Board Changes and Appointments
Lexoraa Industries has undergone several changes in its leadership:
New Independent Director: Mr. Sagar Shah has been appointed as an Additional Non-executive Independent Director, effective August 5. His appointment is subject to shareholder approval at the upcoming Annual General Meeting. If approved, Mr. Shah will serve a five-year term until August 4, 2030.
Director Resignation: Mr. Pranam Harish Mehta has resigned from his position as an Independent Director, citing personal commitments. His resignation took effect on August 5.
Company Secretary Departure: Mr. Kalpesh Chandrakant Joshi has stepped down from his role as Company Secretary and Compliance Officer, effective August 5.
Committee Restructuring
Following these changes, the company has reconstituted its key committees:
- Audit Committee: Now chaired by Mr. Rajesh Kumar Kothari, with Mrs. Nikita D. Kothari and Mr. Sagar Shah as members.
- Stakeholder Relationship Committee: Chaired by Mr. Rajesh Kumar Kothari, with Mrs. Nikita D. Kothari and Mr. Sagar Shah as members.
- Nomination and Compensation Committee: Led by Mr. Rajesh Kumar Kothari, with Mrs. Nikita D. Kothari and Mr. Sagar Shah as members.
Other Developments
The Board of Directors has authorized the Managing Director to set the date for the Annual General Meeting and make necessary arrangements.
Additionally, M/s. GMJ & Associates, a firm of practicing Company Secretaries, has been appointed as the Secretarial Auditor for the financial year 2024-25.
These changes come as Lexoraa Industries navigates challenging market conditions, reflected in its quarterly loss. The company's focus on restructuring its leadership and committees may be aimed at strengthening its governance and steering the company towards improved performance in the coming quarters.
Historical Stock Returns for Lexoraa Industries
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -4.94% | -10.24% | +3.57% | +14.81% | -35.89% | -32.77% |
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