Board Meeting Details
The Board of Directors meeting was held on November 03, 2026, commencing at 12:00 Noon and concluding at 12:20 P.M.
Key Decisions and Approvals
1. Monitoring Agency Report and Deviation Statement
The Board took note of the Monitoring Agency Report issued by Brickwork Ratings India Private Limited for the quarter ended September 30, 2026, and reviewed the Statement of Deviation(s) or Variation(s) pursuant to Regulation 32 of SEBI LODR Regulations, 2015. Detailed disclosures were to be submitted separately to BSE Limited.
2. Financial Results Approval
The Board approved the Standalone and Consolidated Unaudited Financial Results for the half year ended September 30, 2026, along with Limited Review Reports issued by the Statutory Auditors S A H A S & ASSOCIATES.
3. Remuneration Revision
The Board approved a 50% increase in annual remuneration for key management personnel effective November 01, 2026:
- Mr. Ashok Goel (Chairman & Managing Director): Increased from ₹24,00,000 to ₹36,00,000 p.a.
- Mr. Pawan Chohan (Whole-Time Director): Increased from ₹24,00,000 to ₹36,00,000 p.a.
The revision was made in accordance with Sections 197 and 198 of the Companies Act, 2013.
4. CFO Resignation
The Board noted the resignation of Ms. Kanika Gupta from the position of Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) effective November 02, 2026. The disclosure had already been made to BSE Limited.
5. New CFO Appointment
Pursuant to Nomination & Remuneration Committee recommendations, the Board approved the appointment of Mr. Muhammad Akaram as CFO and KMP effective November 03, 2026 under Section 203 of the Companies Act, 2013.
Mr. Akaram has over 10 years of experience in accounting operations, GST compliance, financial reporting, and inventory management. He has been associated with Luxury Time Limited through SBT Consulting Services as a Senior Accountant since October 2017. His responsibilities included GST invoicing, import purchases, GST reconciliations, MIS reports preparation, TDS-related data, corporate expenses, inventory tracking, and journal entries. He holds a B.Com degree from Alagappa University and has completed various certifications in computing and accounting software.
6. Other Business
The Board addressed other approvals and notings required in the normal course of business.
Financial Results Summary (Standalone)
Half Year Ended September 30, 2026 (₹ in lakhs)
- Revenue from operations: ₹2,836.26
- Other Income: ₹100.50
- Total Revenue: ₹2,936.76
- Total Expenses: ₹2,539.99
- Profit before tax: ₹382.97
- Tax expense: ₹94.54 (Current tax: ₹100.87; Deferred tax credit: ₹6.33)
- Profit after tax: ₹288.43
- Basic EPS: ₹3.49 (Face value ₹10 each)
- Diluted EPS: ₹3.49
Comparative Performance
- Revenue increased 28.4% from ₹2,213.90 lakhs in H1 FY26
- Profit after tax increased 12.2% from ₹256.99 lakhs in H1 FY26
Financial Results Summary (Consolidated)
Half Year Ended September 30, 2026 (₹ in lakhs)
- Revenue from operations: ₹3,325.05
- Other Income: ₹99.63
- Total Revenue: ₹3,424.68
- Total Expenses: ₹3,001.76
- Profit before tax: ₹409.12
- Tax expense: ₹101.55 (Current tax: ₹102.92; Deferred tax credit: ₹1.37)
- Profit after tax: ₹307.57
- Basic EPS: ₹3.73 (Face value ₹10 each)
- Diluted EPS: ₹3.73
Balance Sheet Highlights (Standalone as of September 30, 2026)
- Share capital: ₹825.48 lakhs
- Reserves and surplus: ₹3,015.08 lakhs
- Total equity: ₹3,840.56 lakhs
- Total assets: ₹4,538.22 lakhs
- Cash and bank balances: ₹451.33 lakhs
- Inventories: ₹1,322.01 lakhs
- Trade receivables: ₹854.13 lakhs
Cash Flow Highlights (Standalone H1 FY27)
- Cash from operating activities: ₹79.97 lakhs
- Cash used in investing activities: ₹16.60 lakhs
- No cash flow from financing activities
- Net increase in cash: ₹63.37 lakhs
Significant Notes to Financial Results
1. IPO Proceeds Utilization
The objects of the IPO were revised pursuant to shareholders' approval dated September 25, 2026. No amount out of the net proceeds of ₹1,332 lakhs has been utilized up to September 30, 2026. The unutilized proceeds are kept in Fixed Deposits with Scheduled Commercial Banks and the designated Monitoring Agency Account.
2. Online Fraud Case
The company reported an online fraud involving payment aggregating to ₹45 lakhs during H1 FY27. An amount of ₹12 lakhs has been recovered. As of September 30, 2026, ₹33.30 lakhs was recoverable, with ₹8 lakhs awarded in favor of the company and ₹15 lakhs identified and secured by Cyber Crime Cell pending investigation. The matter is pending with authorities.
3. DRI Case (Pending since 2012)
During 2012, 4 Parmigiani Watches with import value of ₹17.09 lakhs were impounded by Directorate of Revenue Intelligence (DRI). The watches continue to be reflected under inventories, and the related liability of ₹35.26 lakhs to the overseas supplier continues to be carried in trade payables. The matter is still pending with relevant authorities.
4. Deferred Tax Credit
Deferred tax credit of ₹6.33 lakhs for H1 FY27 includes ₹5.37 lakhs relating to earlier years, arising from recognition of deferred tax asset on provision for gratuity (allowable on payment).
5. Segment Reporting
The company operates in a single reportable business segment of trading, retailing and distribution of watches and related spares.
6. Consolidation
The consolidated results include Luxury Time Limited and its share in jointly controlled entities: Pasadena Retail Private Limited (50%) and Micron Watch Service Private Limited (49.9%), using proportionate consolidation method under AS 27.
Auditor's Review
S A H A S & ASSOCIATES issued limited review reports on both standalone and consolidated financial results, stating that nothing came to their attention causing them to believe the statements contain material misstatements. The review was conducted in accordance with SRE 2410 issued by ICAI.
Compliance Status
- No investor complaints received/pending as of September 30, 2026
- Company is exempt from Ind AS adoption as it is listed on SME Exchange