Vrundavan Plantation Limited has completed its regulatory compliance process regarding the statutory auditor change, with the Audit Committee conducting a comprehensive review of the resignation and confirming no adverse concerns. The company had earlier appointed M/s. Panchal S K & Associates as its new statutory auditor following a board meeting held on December 31, 2025.

Audit Committee Assessment

The Audit Committee convened on December 31, 2025, from 2:00 PM to 3:00 PM to review the resignation of M/s. Doshi Doshi & Co., which was effective December 16, 2025. The committee conducted due deliberations based on representations received from both the auditor and management, confirming compliance with all regulatory requirements.

Key Committee Confirmations

The Audit Committee confirmed several critical aspects of the auditor resignation process. The committee noted that M/s. Doshi Doshi & Co. did not raise any concerns relating to the conduct of management, availability of information, or the quality of financial reporting. The committee obtained necessary clarifications from both the auditor and management, ensuring transparency in the transition process.

New Auditor Appointment Details

Following the Audit Committee's assessment, the Board approved the appointment of M/s. Panchal S K & Associates, Chartered Accountants (FRN: 145989W). The appointment was made pursuant to Section 139(8) of the Companies Act, 2013, and is subject to shareholder approval within three months. The new auditor will serve until the conclusion of the Annual General Meeting for the financial year ending March 31, 2026.

Previous Auditor Transition

M/s. Doshi Doshi & Co., with registration number 153683W, had submitted their resignation on December 16, 2025, citing professional workload constraints. The Audit Committee placed on record its appreciation for the services rendered by the firm during their tenure and confirmed that all pending responsibilities were completed, including the limited review of financial results for the half-year ended September 30, 2025.

Regulatory Compliance

The entire process has been conducted in compliance with Regulation 30 read with Schedule III of the SEBI (LODR) Regulations, 2015, and SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The company has ensured full transparency and adherence to all applicable regulatory requirements throughout the auditor transition process.

Vrundavan Plantation Limited has announced its financial results for the half-year ended September 30, showcasing robust growth in revenue and a slight increase in profitability. The company also completed a significant equity allotment during this period, strengthening its capital base.

Financial Highlights

The company reported a substantial increase in its revenue from operations for the first half of the fiscal year. Here's a breakdown of the key financial metrics:

The revenue from operations saw a significant jump of 26.4% year-on-year, rising from Rs 129.74 crore in H1 FY2025 to Rs 163.96 crore in H1 FY2026. This growth may indicate strong demand for the company's products or services.

Net profit showed a modest increase of 3.1%, reaching Rs 12.51 crore compared to Rs 12.13 crore in the same period last year. The basic earnings per share (EPS) also improved from Rs 1.96 to Rs 2.02.

Balance Sheet Strengthening

Vrundavan Plantation has made significant strides in strengthening its balance sheet:

1. Equity Allotment: The company allotted 8,56,872 equity shares at an issue price of Rs 51 per share (including a premium of Rs 41 per share) during the half-year ended September 30.

2. Increased Paid-up Capital: As a result of this allotment, the paid-up equity share capital increased to Rs 6.19 crore from Rs 5.33 crore.

3. Cash Position: Cash and cash equivalents surged to Rs 4.89 crore as of September 30, compared to Rs 1.25 crore as of March 31, indicating improved liquidity.

Working Capital Management

The company's working capital position has seen some notable changes:

• Trade Receivables: Increased significantly to Rs 20.63 crore from Rs 13.08 crore as of March.
• Inventories: Rose to Rs 10.59 crore from Rs 8.70 crore.

These increases in receivables and inventories may suggest higher business activity but also indicate a need for careful management of working capital.

Conclusion

Vrundavan Plantation Limited has demonstrated strong top-line growth in the first half, with a 26.4% increase in revenue. While the bottom-line growth was more modest at 3.1%, the company has taken steps to strengthen its capital structure through new equity allotment. The significant increase in cash and cash equivalents provides the company with enhanced financial flexibility. However, the rise in trade receivables and inventories warrants attention to working capital management in the coming quarters.

Investors and stakeholders may look forward to seeing how the company leverages its improved liquidity position and manages its working capital to drive future growth and profitability.