Q1 FY2025 Results of Mohindra Fasteners

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Document Summary

Mohindra Fasteners Limited's board meeting on August 14, 2024, addressed several key items related to financial results, appointments, and the upcoming Annual General Meeting (AGM).

Financial Results and Audit: The board approved the unaudited financial results for the quarter ended June 30, 2024, after a limited review. Both standalone and consolidated results were reviewed, and the board took note of the Limited Review Reports and the undertaking of non-applicability of Regulation 32 of SEBI(LODR) Regulations, 2015. The figures for the quarter ended March 31, 2024, are balancing figures between audited figures in respect of the full financial year and the published unaudited year to date figures up to the end of the third quarter of the financial year ended March 31, 2024, which were subjected to limited review.

Directorate and Key Personnel: The board approved several appointments and re-appointments. Mr. Deepak Arnnejaa was re-appointed as Managing Director & CEO for a further five years, from July 1, 2025, to June 30, 2030. Mr. Ravinder Mohan Juneja was re-appointed as Managing Director for an additional 18 months, from March 31, 2025, to September 30, 2026. Both re-appointments are subject to shareholder approval at the ensuing AGM. Mr. Vivek Arora was appointed as an Additional Non-Executive Independent Director and then approved again as a Non-Executive Independent Director subject to shareholder approval. Mr. Vinod Kumar's tenure as a non-executive independent director will cease on September 24, 2024.

Annual General Meeting (AGM): The board approved the appointment of the Scrutinizer for the 30th AGM. The notice convening the AGM, along with the Board of Director's Report and Corporate Governance Report for the financial year ended March 31, 2024, was approved. The AGM will be held on Friday, September 20, 2024, at 11:30 A.M. via Video Conferencing/OAVM.

Book Closure, E-Voting, and Dividend: The Register of Members and Share Transfer Books will be closed from September 14, 2024, to September 20, 2024, for the purpose of the AGM. The cut-off date for e-voting and dividend eligibility is September 13, 2024.

Other Approvals: The board approved draft reports, including the Board of Director's Report, Secretarial Audit Report (Form MR-3), and Corporate Governance Report, all with annexures, as part of the Annual Report for the year 2023-24. The re-appointment of Retiring Director Mr. Ravinder Mohan Juneja was also approved, subject to shareholder approval at the AGM.

Financial Performance (Consolidated): The consolidated unaudited financial results for the quarter ended June 30, 2024, show a total income of ₹3265.48 Lacs (₹3156.88 Lacs from operations and ₹108.60 Lacs from other income) and total expenses of ₹2960.68 Lacs. The profit before tax was ₹295.12 Lacs. The profit for the period was ₹209.28 Lacs. The total comprehensive income for the period was ₹206.30 Lacs. Earning per share was ₹3.55.

Financial Performance (Standalone): The standalone unaudited financial results for the quarter ended June 30, 2024, show a total income of ₹3265.48 Lacs and total expenses of ₹2960.68 Lacs. The profit before tax was ₹304.80 Lacs. The profit for the period was ₹218.96 Lacs. The total comprehensive income for the period was ₹215.98 Lacs. Earning per share was ₹3.72.

Other Points: The figures for the quarter ended March 31, 2024, are balancing figures between audited figures and published unaudited figures and were subjected to a limited review. The board also approved the remuneration of Cost Auditors for the Financial Year ending 2024-25, subject to shareholder ratification at the AGM.

Non-Applicability of Regulation 32: A separate communication declares the non-applicability of Regulation 32 of SEBI Regulations, 2015, as there was no issuance of capital through Public Issue, Right Issue, Preferential Issue, or QIP during the first quarter ended June 30, 2024.

Availability of Results: The company's financial results are available on its website, www.mohindra.asia, and on the website of the stock exchange, www.msei.in.

Auditor's Review: B.L. Khandelwal & Co., Chartered Accountants, performed a limited review of both the consolidated and standalone financial results. Their reports state that nothing has come to their attention that causes them to believe the financial results contain any material misstatement or do not comply with applicable accounting standards and SEBI regulations. The review is less in scope than an audit, and therefore, no audit opinion is expressed. The consolidated figures include the Company's Joint Venture: "KK Mohindra Fastenings Pvt. Ltd.

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