Board Meeting Details

The Board of Directors meeting was held on October 24, 2026, from 7:00 PM to 9:30 PM. The board approved:

1. Un-audited Standalone & Consolidated Financial Results for quarter ended September 30, 2026

2. Limited Review Report on said results issued by Statutory Auditors

Standalone Financial Performance (Quarter Ended September 30, 2026)

  • Revenue from operations: ₹2,383.40 lakhs (compared to ₹2,965.91 lakhs in previous quarter)
  • Other Income: ₹79.79 lakhs
  • Total Revenue: ₹2,463.19 lakhs
  • Total Expenses: ₹2,411.68 lakhs
  • Profit before tax: ₹51.51 lakhs
  • Tax Expense: ₹13.39 lakhs (current tax only)
  • Net Profit for period: ₹38.12 lakhs
  • Basic EPS: ₹0.002
  • Diluted EPS: ₹0.002

Standalone Financial Performance (Half Year Ended September 30, 2026)

  • Revenue from operations: ₹5,349.32 lakhs
  • Other Income: ₹81.93 lakhs
  • Total Revenue: ₹5,431.25 lakhs
  • Total Expenses: ₹5,323.68 lakhs
  • Profit before tax: ₹107.57 lakhs
  • Tax Expense: ₹27.97 lakhs (current tax only)
  • Net Profit for period: ₹79.60 lakhs
  • Basic EPS: ₹0.004
  • Diluted EPS: ₹0.004

Capital Structure Changes

  • During the quarter, company allotted 34,07,14,286 equity shares of face value ₹1/- each at premium of ₹0.40 per share
  • This was pursuant to conversion of 50 Foreign Currency Convertible Bonds (FCCBs)
  • Paid-up equity share capital increased from ₹1,877.33 lakhs to ₹2,218.04 lakhs

Auditor's Limited Review Report - Critical Qualifications

Statutory Auditors (Tejas K. Soni and Company) issued a disclaimer of opinion with multiple significant qualifications:

1. Loans Receivables: ₹735.13 lakhs with significant credit risk increase, no expected credit loss assessment done by management

2. Trade Receivables: ₹2,943.89 lakhs with significant credit risk increase, no expected credit loss assessment done by management

3. Investments: ₹87.39 lakhs in unquoted equity shares, company unable to determine fair valuation

4. Subsidiary Concerns: Subsidiary "Kavit Edible Oil Limited" suspended manufacturing operations since March 2019. Company has exposure of ₹127.70 lakhs in equity and unsecured loans. Subsidiary has negative net worth as of March 31, 2026, raising substantial doubt about its going concern status

5. Material Misstatements: Several instances of material misstatements and non-compliance with financial reporting framework observed, including improper valuation of financial instruments, inadequate recognition of provisions, and missing documentation

Emphasis of Matter

Company involved in certain direct tax litigations and statutory compliance matters including demands from assessment/appellate proceedings. Management considers these contestable and no material adjustment considered necessary.

Consolidated Financial Performance (Quarter Ended September 30, 2026)

  • Revenue from operations: ₹2,501.84 lakhs
  • Other Income: ₹79.79 lakhs
  • Total Revenue: ₹2,581.63 lakhs
  • Total Expenses: ₹2,545.13 lakhs
  • Profit before tax: ₹36.50 lakhs
  • Tax Expense: ₹13.39 lakhs (current tax only)
  • Net Profit for period: ₹23.10 lakhs
  • Share of Profit Attributable to Non-Controlling Interests: ₹(4.82) lakhs
  • Profit Attributable to Owners of Parent: ₹27.92 lakhs
  • Basic EPS: ₹0.001
  • Diluted EPS: ₹0.001

Subsidiary Information

Consolidated results include six subsidiaries:

1. Kavit Cables Private Limited (India)

2. Kavit Edible Oil Limited (India)

3. Diponed Bio Private Limited (India)

4. Diponed International Research Private Limited (India)

5. Evexia Lifecare Africa Ltd (UK)

6. Evexia PAN Africa Ltd (Tongo)

Results do NOT include:

  • Vital's Healthcare Private Limited and its associates
  • Heemsol Energy Solutions Private Limited

Subsidiary results are unaudited and not reviewed by their auditors, representing total revenues of ₹241.73 lakhs and net loss before tax of ₹(14.52) lakhs for the quarter.

Financial Position (Standalone as at September 30, 2026)

  • Total Assets: ₹87,651.38 lakhs
  • Non-Current Assets: ₹77,982.50 lakhs (includes Investments: ₹71,568.27 lakhs)
  • Current Assets: ₹9,668.48 lakhs
  • Total Equity: ₹48,563.71 lakhs
  • Non-Current Liabilities: ₹32,877.73 lakhs
  • Current Liabilities: ₹6,200.94 lakhs

Cash Flow (Standalone Half Year Ended September 30, 2026)

  • Net cash from operating activities: ₹541.86 lakhs
  • Net cash used in investing activities: ₹(568.35) lakhs
  • Net cash from financing activities: ₹23.25 lakhs
  • Net decrease in cash: ₹(3.29) lakhs
  • Cash equivalents at end: ₹5.80 lakhs

Notes to Financial Results

  • Results prepared in accordance with Indian Accounting Standards (Ind AS)
  • Figures for previous periods regrouped/reclassified for comparability
  • Basic EPS calculated with 2,21,80,43,281 equity shares
  • Diluted EPS calculated with 1,91,45,65,529 equity shares
  • Audit Committee reviewed and recommended results before board approval