Rita Finance & Leasing Limited has announced two significant appointments to strengthen its leadership team, effective August 25, 2023. The company has brought on board Mrs. Meenu Jain as an Additional Director and Mr. Ram Kumar Singh as the new Chief Executive Officer and Chief Financial Officer.

New Independent Director Appointment

Mrs. Meenu Jain has been appointed as an Additional Director in a non-executive and independent capacity. Her appointment is subject to shareholder approval at the upcoming Annual General Meeting. In addition to her role as a director, Mrs. Jain will serve as a member of several key committees:

• Audit Committee
• Nomination and Remuneration Committee
• Stakeholder and Relationship Committee

Mrs. Jain brings a wealth of experience to her new role. She is a graduate and a qualified company secretary, holding the position of Associate member of the Institute of Company Secretaries of India (ICSI). With a decade of experience in secretarial, legal, administrative, and managerial functions, Mrs. Jain is well-equipped to contribute to the company's governance and strategic decision-making processes.

New CEO and CFO Appointment

In a concurrent move, Rita Finance and Leasing Limited has appointed Mr. Ram Kumar Singh to multiple key positions:

• Chief Executive Officer (CEO)
• Chief Financial Officer (CFO)
• Key Managerial Personnel

Mr. Singh's educational background includes a Master of Commerce degree, providing him with a strong foundation in financial management. His appointment brings extensive industry experience to the company, with an impressive 32-year career in the manufacturing sector.

Mr. Singh's expertise spans several critical areas, including:

• Sales tax
• Central excise
• Exports

His comprehensive understanding of these domains is expected to be valuable in guiding the company's financial strategies and operational efficiencies.

These strategic appointments reflect Rita Finance and Leasing Limited's commitment to enhancing its leadership team with experienced professionals. The diverse skill sets of Mrs. Jain and Mr. Singh are likely to contribute to the company's governance, financial management, and overall strategic direction in the coming years.

Rita Finance & Leasing Limited, a non-banking financial company (NBFC), has released its financial results for the first quarter, revealing a significant decline in net profit despite an increase in total income.

Financial Performance Highlights

• Net Profit: The company reported a net profit of Rs 22.20 lakh for the quarter, marking a substantial 63% decrease from Rs 60.31 lakh in the same quarter of the previous year.

• Total Income: Rita Finance & Leasing's total income saw a modest increase, rising to Rs 36.66 lakh from Rs 32.45 lakh year-over-year, primarily driven by interest income.

• Expenses: Total expenses for the quarter decreased to Rs 7.06 lakh, down from Rs 7.91 lakh in the corresponding period last year.

• Earnings Per Share (EPS): The company's EPS stood at Rs 0.22 for the quarter, compared to Rs 0.60 for the previous year.

Key Financial Metrics

Management Commentary and Outlook

The Board of Directors of Rita Finance & Leasing Limited approved these standalone unaudited financial results. The results have been reviewed by the company's statutory auditors, as confirmed in the limited review report provided by J. Singh & Associates, Chartered Accountants.

Additional Information

• The company operates in the financial services sector, including NBFC activities, as its only reportable segment.
• The financial results were reviewed by the Audit Committee before being approved by the Board of Directors.
• Rita Finance & Leasing Limited's registered office is located in Delhi, with a corporate office in Mumbai.

The company's performance this quarter shows a mixed picture, with increased income but a significant drop in profitability. Investors and stakeholders will be watching closely to see how Rita Finance & Leasing addresses these challenges and works towards improving its bottom line in the coming quarters.