Veejay Lakshmi Engineering Works Limited , a prominent engineering company, has announced a significant change in its top management. The company has appointed Smt R Padmavathi as its new Chief Financial Officer (CFO) and Key Managerial Person, effective September 19, 2025.

Board Approval and Committees' Recommendations

The appointment of R Padmavathi was approved by the company's Board of Directors on September 17, 2025. This decision came after careful consideration and recommendations from both the Nomination and Remuneration Committee and the Audit Committee. The committees convened on the same day to review Padmavathi's qualifications and experience before recommending her for the position.

Filling the Vacancy

Padmavathi's appointment fills the vacancy created by the resignation of the previous CFO, Sri D Ranganathan, who stepped down from his position on June 23, 2025. As per SEBI (LODR) Regulations, 2015, the company was required to fill this vacancy within three months from the date of creation.

R Padmavathi's Profile

R Padmavathi brings a wealth of experience to her new role:

• Qualification: B.Com degree in Finance
• Experience: Over 30 years in financial accounting, auditing, and taxation
• Company Tenure: More than 20 years with Veejay Lakshmi Engineering Works Limited
• Previous Role: Served in the accounts and finance department for over 10 years in a managerial position

Her extensive experience includes handling statutory and internal audits, ensuring compliance with GST, TDS, and income tax provisions, as well as managing periodical financial reporting and other related activities.

Key Points of the Appointment

• Padmavathi is not related to any directors or other executives of the company, ensuring independence in her role.
• Her appointment is in line with Section 203 of the Companies Act, 2013, and Regulations 18(3) and 26A of SEBI (LODR) Regulations, 2015.
• She will be responsible for performing duties required of a Chief Financial Officer under the Companies Act, 2013, SEBI (LODR) Regulations, 2015, and other applicable statutes.

Company's Perspective

The management of Veejay Lakshmi Engineering Works Limited considered the suitability of existing personnel within the company before proposing Padmavathi for the CFO position. Her elevation to this role demonstrates the company's commitment to recognizing and promoting internal talent.

This strategic appointment is expected to bring continuity and depth of company-specific knowledge to the financial leadership of Veejay Lakshmi Engineering Works Limited, potentially contributing to its future growth and financial stability.

Veejay Lakshmi Engineering Works Limited , a manufacturer of textile machinery and yarn, has reported a net loss of Rs 331.48 crore for the financial year 2024-25, according to its 50th annual report. This marks an improvement from the previous year's loss of Rs 455.54 crore.

The company's sales turnover declined to Rs 7,964.93 crore in FY2025 from Rs 8,709.10 crore in FY2024, reflecting challenging market conditions in both its engineering and textile segments.

Engineering Division Performance

The engineering division, which manufactures textile machinery, faced sluggish demand. The company sold only 35 twisting machines during the year, compared to 63 in the previous year. However, there was a significant increase in spare parts sales, rising from Rs 357.00 lakhs in FY2024 to Rs 698.00 lakhs in FY2025.

Textile Division Challenges

The textile division experienced margin pressures due to lower yarn prices, despite a marginal increase in capacity utilization. The company reported that steady deliveries in yarn exports partially compensated for fluctuating domestic demand.

Financial Highlights

All figures in Rs crore

Management Commentary

The company attributed the reduced loss to better price realization in the sale of machines in domestic and export markets, as well as increased sales volume of spares in the engineering division. For the textile division, a reduction in cotton prices compared to the previous year helped mitigate losses despite lower market prices for yarn.

Future Outlook

Veejay Lakshmi Engineering Works is focusing on developing new machine models to offer at competitive prices, aiming to improve its market share in the face of stiff competition. The company remains hopeful that its long-standing reputation for producing reliable quality twisting machines will help strengthen its position in the market.

Corporate Actions

The company's 50th Annual General Meeting is scheduled for September 11, 2025. The board has proposed the reappointment of Managing Director J. Anand for three years and the appointment of K. Duraisami as Secretarial Auditor for five years.

Despite the challenging year, Veejay Lakshmi Engineering Works continues to adapt to market conditions and implement strategies to improve its financial performance in both its engineering and textile segments.