Relic Technologies Limited (RTL) has announced a significant change in its financial oversight, appointing M/s. D. Kothary & Co., Chartered Accountants as its new statutory auditor. The decision, approved by the company's Board of Directors on July 26, 2025, comes in the wake of the resignation of the previous auditors, M/s. Uday Pasad & Associates.

New Auditor Appointment

The appointment of D. Kothary & Co. is set to take effect from July 27, 2025. This move fills the casual vacancy created by the outgoing auditors and is subject to shareholder approval at an upcoming general meeting, which is to be held within the next three months. Upon approval, D. Kothary & Co. will serve for an initial term to fill the casual vacancy, followed by a further five-year term.

About D. Kothary & Co.

Established in 1989, D. Kothary & Co. brings a wealth of experience to Relic Technologies. The firm specializes in providing assurance, tax, and advisory services. With its partners boasting over 100 years of cumulative experience, D. Kothary & Co. is well-positioned to support RTL's financial reporting needs.

Reasons for Change

The outgoing auditors, M/s. Uday Pasad & Associates, cited the company's plans for future expansion and the need for more extensive audit resources as reasons for their resignation. They completed the audit for the financial year ended March 31, 2025, and conducted a limited review for the quarter ended June 30, 2025, before stepping down.

Financial Performance

In conjunction with this announcement, Relic Technologies also released its unaudited financial results for the quarter ended June 30, 2025. The company reported:

The company's financial performance shows a turnaround in profitability for Q1 FY2026, with a net profit of ₹9.84 lakhs compared to losses in the previous quarters.

Other Key Developments

1. Equity Allotment: During the quarter, RTL allotted 15,50,000 equity shares at a premium of ₹75 each to non-promoters under a preferential issue. Additionally, 4,41,164 equity warrants were allotted to both promoters and non-promoters.

2. Company Secretary Appointment: The Board has approved the appointment of Mrs. Anita Amitkumar Gupta as the Company Secretary and Compliance Officer, effective August 1, 2025.

3. Annual General Meeting: The 34th Annual General Meeting of Relic Technologies Limited is scheduled for August 29, 2025, to be held via video conferencing.

These changes and financial results reflect Relic Technologies' efforts to strengthen its corporate governance and financial position as it prepares for future growth and expansion.

Relic Technologies Limited, a diversified technology company, has reported its financial results for the quarter ended June 30, 2025, revealing a mixed performance across its standalone and consolidated operations. The company also announced significant changes in its management and capital structure.

Financial Performance

On a standalone basis, Relic Technologies showed improvement in its bottom line, reporting a net profit of Rs 9.84 crore for Q2 2025, compared to a loss of Rs 24.38 crore in the previous quarter. However, the company's standalone revenue dropped to zero from Rs 15.50 lakh in the previous quarter.

The consolidated results paint a different picture:

Despite a significant increase in consolidated revenue, the company reported a substantial net loss of Rs 368.32 crore, primarily due to an exceptional item of Rs 232.12 crore recognized as an impairment provision towards goodwill related to investment.

Capital Structure and Preferential Issue

During the quarter, Relic Technologies bolstered its capital base through a preferential issue:

• Allotted 15,50,000 equity shares at Rs 85 per share to non-promoters
• Issued 4,41,164 equity warrants at Rs 85 per share to promoters and non-promoters
• Increased paid-up capital from Rs 360 lakh to Rs 515 lakh

Management Changes

The company announced several key management changes:

1. Statutory Auditor Resignation: M/s Uday Pasad & Associates resigned as statutory auditors effective July 26, 2025, citing inter se changes in promoters and the company's future expansion plans.

2. New Statutory Auditor Appointment: M/s D. Kothary & Co., Chartered Accountants, were appointed as the new statutory auditors from July 27, 2025, subject to shareholder approval.

3. New Company Secretary: Mrs. Anita Amitkumar Gupta was appointed as Company Secretary and Compliance Officer, effective August 1, 2025.

Upcoming Annual General Meeting

Relic Technologies has scheduled its 34th Annual General Meeting for August 29, 2025, to be held via video conferencing.

The company's mixed financial results, coupled with significant management changes and capital restructuring, indicate a period of transition for Relic Technologies. Investors and stakeholders will likely be watching closely to see how these changes impact the company's future performance and strategic direction.