Rungta Irrigation , a key player in the irrigation sector, announced significant changes in its leadership and released its financial results for the first quarter.

Leadership Change

The company disclosed a major transition in its finance department on August 7. Vinod Kumar Mathuria stepped down from his role as Chief Financial Officer (CFO), citing personal reasons and family commitments. Simultaneously, the Board of Directors appointed Sumit Bansal as the new CFO, effective immediately.

Sumit Bansal brings over two decades of extensive experience in financial management, audit, taxation, and corporate compliance to his new role. A qualified Chartered Accountant, Bansal's career includes notable positions such as CFO at RRB Energy Ltd. and Chief Manager-Finance & Accounts at Thomson Press (India) Ltd. Most recently, he served as a partner at SRRM & Associates, a chartered accountancy firm specializing in audit and consultancy services.

The appointment, approved by the Board based on the recommendation of the Nomination and Remuneration Committee, is expected to bring fresh perspectives to Rungta Irrigation's financial strategies.

Q1 Financial Highlights

Rungta Irrigation also released its unaudited financial results for the quarter ended June 30:

The company demonstrated robust growth in the first quarter, with revenue from operations increasing by 19.90% year-over-year to ₹3,645.35 lakhs. Total revenue saw a similar uptick of 18.96%, reaching ₹3,706.60 lakhs.

While profit before tax remained relatively stable with a marginal increase of 0.11%, net profit showed a more substantial growth of 6.03%, rising to ₹134.27 lakhs compared to ₹126.63 lakhs in the same quarter of the previous fiscal year.

The financial results were reviewed by the company's statutory auditors, M/s. Mamraj & Co., and approved by the Board of Directors at their meeting on August 7.

Conclusion

As Rungta Irrigation navigates through leadership changes and reports positive financial growth, the company appears well-positioned to continue its trajectory in the irrigation sector. The appointment of Sumit Bansal as CFO, coupled with the strong first-quarter performance, signals a promising outlook for the company.

Rungta Irrigation Limited, a key player in the irrigation systems sector, has announced its financial results for the first quarter, showcasing robust growth in both revenue and profitability.

Financial Highlights

• Revenue Growth: The company reported revenue from operations of ₹3,645.35 lakh, marking a significant increase of 19.9% compared to ₹3,040.22 lakh in the corresponding quarter of the previous year.
• Profit Surge: Net profit stood at ₹134.77 lakh, up by 6.4% from ₹126.63 lakh in the same period last year.
• Expenses: Total expenses were ₹3,537.18 lakh, compared to ₹2,946.70 lakh in the previous year's corresponding quarter, reflecting an increase of 20% in line with revenue growth.
• Earnings Per Share: The company's earnings per share (both basic and diluted) was ₹0.67 for the quarter.

Key Financial Metrics

Board Meeting and Audit Review

The financial results were reviewed and recommended by the Audit Committee and subsequently approved by the Board of Directors at their meeting. The meeting commenced at 1:00 p.m. and concluded at 2:35 p.m.

M/s. Mamraj & Co., the statutory auditors of the company, conducted a limited review of the financial results as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

About Rungta Irrigation Limited

Rungta Irrigation Limited is engaged in the irrigation systems sector. The company has its registered office at 101, Pragati Tower, 26 Rajendra Place, New Delhi - 110008.

Investors and stakeholders can access more detailed information about the company's financial performance on its official website at https://www.rungtairrigation.in/investor-information/ .

The positive Q1 results indicate a strong start to the fiscal year for Rungta Irrigation Limited, positioning the company for potential growth in the coming quarters.