Veritas (India) Limited , a Mumbai-based company, has announced a significant change in its key managerial personnel. Rakesh Bharucha, the Chief Financial Officer (CFO) of the company, has tendered his resignation, effective November 17, 2025. This development was disclosed by the company in a regulatory filing to the BSE Limited.

Resignation Details

According to the company's intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Mr. Bharucha has decided to step down from his role to pursue other professional and personal interests. The resignation will take effect on November 17, 2025, marking the end of his tenure as a key managerial personnel at Veritas (India) Limited.

Impact on Company Structure

The departure of Rakesh Bharucha as CFO represents a notable change in the company's top-level financial management. As a key managerial personnel, the CFO plays a crucial role in overseeing the financial operations and strategy of the organization. The company has not yet announced a successor for the position.

Company's Response

In his resignation letter, Mr. Bharucha expressed gratitude for the opportunities, guidance, and support extended to him during his tenure. He stated, "It has been a privilege to be associated with Veritas (India) Limited, and I am confident that the Company will continue to grow and achieve new milestones."

The company acknowledged Mr. Bharucha's contribution and has initiated the process of finding a suitable replacement for the CFO position. Amit A. Chavan, the Company Secretary & Compliance Officer, signed the regulatory filing on behalf of Veritas (India) Limited.

About Veritas (India) Limited

Veritas (India) Limited is headquartered at Floor-1, Plot-18, Vakil Building, S S Ram Gulam Marg, New Custom House, Ballard Estate, Mumbai 400001. The company is listed on the BSE with the scrip code 512229 and has the CIN L23209MH1985PLC035702.

Investors and stakeholders are advised to monitor further announcements from the company regarding the appointment of a new CFO and any potential impact on the company's financial strategy moving forward.

Veritas , a prominent player in the Indian market, has released its financial results for the second quarter, revealing a mixed performance with significant challenges in profitability despite revenue growth.

Financial Highlights

Revenue Growth Amidst Profitability Challenges

Veritas reported a substantial increase in revenue, reaching ₹10.00 billion in the second quarter, up from ₹9.15 billion in the same period last year. This 9.29% year-over-year growth demonstrates the company's ability to expand its top line despite challenging market conditions.

Sharp Decline in Profitability

Despite the revenue growth, Veritas experienced a significant drop in profitability:

• Net Profit: The company's consolidated net profit for Q2 plummeted to ₹6.00 million, a stark contrast to the ₹367.00 million reported in the same quarter of the previous year. This represents a 98.37% decline in net profit.

• EBITDA Performance: EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) saw a substantial decrease, falling to ₹156.00 million from ₹481.00 million in the corresponding quarter last year, marking a 67.57% decline.

• EBITDA Margin Compression: The EBITDA margin contracted significantly, dropping to 1.55% from 5.26% year-over-year, indicating increased pressure on the company's operational efficiency.

Implications and Outlook

The contrasting performance of revenue growth and profitability decline suggests that Veritas might be facing challenges in managing its costs and operational efficiency. The substantial compression in EBITDA margin could be attributed to various factors such as increased raw material costs, higher operational expenses, or competitive pricing pressures.

As Veritas navigates through these challenges, investors and market analysts will likely be keen to understand the company's strategies for improving profitability while maintaining its revenue growth trajectory. The management's commentary on cost control measures, operational improvements, and future outlook will be crucial for stakeholders to assess the company's potential for recovery and sustainable growth.