Veedol Corporation's UK Subsidiaries Face Auditor Resignation

Veedol Corporation Limited, formerly known as Tide Water Oil Co. (India) Limited, has announced a significant change in its auditing structure. M/s. SHORTS, Chartered Accountants, have tendered their resignation as statutory auditors for three of Veedol's UK-based entities, effective December 4, 2025.

Affected Subsidiaries

The auditor resignation impacts the following Veedol Corporation subsidiaries:

Subsidiary	Relationship to Veedol Corporation
Veedol UK Limited	Material subsidiary
Veedol International Limited	Subsidiary
Granville Oil & Chemicals Limited	Step-down subsidiary

Key Points of the Resignation

Effective Date: The resignation takes effect from the close of business hours on December 4, 2025.
Auditor Statement: M/s. SHORTS has stated that there are no circumstances connected with their resignation that they consider should be brought to the attention of the companies' members or creditors.
Management Concerns: The auditors have not raised any concerns regarding the management of Veedol Corporation or its subsidiaries.

Implications and Next Steps

While auditor changes are not uncommon in the corporate world, they often warrant attention from shareholders and regulatory bodies. In this case, the lack of stated concerns from the outgoing auditors may provide some reassurance to stakeholders.

Veedol Corporation will likely need to appoint new statutory auditors for its UK subsidiaries in the near future. This process will be crucial to ensure continued compliance with financial reporting requirements and to maintain investor confidence.

Regulatory Compliance

As per the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Veedol Corporation has duly informed the stock exchanges about this material event. This transparency is essential for maintaining good corporate governance practices and keeping shareholders informed.

Investors and stakeholders of Veedol Corporation should stay tuned for further updates regarding the appointment of new auditors and any potential impact on the company's financial reporting timeline.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.33%	-1.01%	-6.50%	-1.62%	-14.86%	-21.18%

Veedol Corporation Limited , formerly known as Tide Water Oil Co. (India) Ltd., has announced its unaudited financial results for the second quarter and half-year ended September 30, 2025. The company demonstrated resilience in a challenging market environment, reporting a total income from operations of Rs. 378.70 crores for the quarter.

Financial Highlights

Revenue: The company's total income from operations stood at Rs. 378.70 crores for Q2 FY26.
Earnings Per Share (EPS): Basic and diluted earnings per share were reported at Rs. 25.11 for the quarter, showcasing strong profitability.
Equity Share Capital: The equity share capital remained stable at Rs. 8.34 crores.

Quarterly Performance Analysis

Comparing the current quarter's performance with previous periods reveals interesting trends:

Metric	Q2 FY26	Q1 FY26	% Change (QoQ)	Q2 FY25	% Change (YoY)
Revenue	378.70	385.40	-1.74%	378.10	0.16%
Net Profit	26.40	16.30	61.96%	19.50	35.38%
EPS	15.52	9.59	61.84%	11.47	35.31%

The company has shown significant improvement in profitability, with net profit and EPS growing by over 60% quarter-on-quarter and more than 35% year-on-year, despite a slight dip in revenue.

Half-Yearly Performance

For the half-year ended September 30, 2025, Veedol Corporation's financial metrics indicate a solid performance:

Total Income: Rs. 898.90 crores
Net Profit: Rs. 67.30 crores
EPS: Rs. 39.61

Operational Efficiency

The company's operational performance shows mixed results:

Operating Profit Margin (OPM): Decreased to 2.93% in Q2 FY26 from 3.56% in Q1 FY26.
Other Income: Significantly increased to Rs. 27.20 crores in Q2 FY26, up 115.87% from Q1 FY26.

Market Disclosure and Compliance

Veedol Corporation Limited has disclosed these results through newspaper advertisements in The Telegraph and Aajkaal, and filed them with the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

Dividend Announcement

The company has declared an interim dividend of Rs. 22 per equity share for the financial year 2025-26. The record date for dividend payment is set as November 14, 2025.

Looking Ahead

While Veedol Corporation has shown strong profit growth, the slight decline in revenue and operating profit margin suggests challenges in the operating environment. The significant increase in other income has played a crucial role in boosting the overall profitability.

Note: All financial figures are in Indian Rupees (INR) and are based on the unaudited financial results provided by the company.