Key Decisions and Approvals

The Board of Directors meeting, held from 11:30 AM to 4:00 PM, approved the following items:

1. Audited Financial Results: Approved the audited financial results for the quarter and year ended March 31, 2026. The statutory auditors, C S K Prabhu and Co LLP, issued an unmodified audit opinion on these results.

2. Internal Auditor Appointment: Approved the appointment of Mr. A Palaniappan, Chartered Accountant, as the Internal Auditor for the financial year 2026-27.

3. 64th Annual General Meeting (AGM): Approved convening the 64th AGM on Friday, August 28, 2026, at 3:30 PM via Video Conferencing/Other Audio Visual Means. The Register of Members & Share Transfer Books will be closed from August 22, 2026, to August 28, 2026 (both days inclusive). The cut-off date for determining shareholders eligible to vote is Friday, August 21, 2026.

4. Power Dispute Note: The Board noted several power disputes with Andhra Pradesh Gas Power Corporation Limited (APGCL) and Southern Power Distribution Company Limited (SPDCL). SPDCL's bills show an arrear outstanding of ₹8,324.06 Lakhs (Current Consumption Charges ₹3,503.04 Lakhs and Surcharge ₹4,821.02 Lakhs) as of March 31, 2026. Based on an assessment of the claims and pending legal cases, management has estimated a payable of ₹1,907.56 Lakhs. A provision of ₹ Nil Lakhs was made in the books for FY26 (Previous Year: ₹852.24 lakhs).

Detailed Financial Results (Standalone)

(All figures in ₹ Lakhs)

For the Quarter Ended March 31, 2026 (Audited):

  • Total Income: ₹175.10
  • Total Expenses: ₹286.98
  • Loss before tax: ₹(111.32)
  • Total Tax Expense: ₹49.94
  • Loss from continuing operations: ₹(161.25)
  • Loss from discontinued operations: ₹(552.14)
  • Net Loss for the period: ₹(713.39)
  • Total Comprehensive Income: ₹(713.38)
  • Basic EPS (Continuing & Discontinued): ₹(1.30)

For the Year Ended March 31, 2026 (Audited):

  • Total Income: ₹682.04
  • Total Expenses: ₹612.62
  • Profit before tax: ₹148.94
  • Total Tax Expense: ₹108.37
  • Profit from continuing operations: ₹40.58
  • Loss from discontinued operations: ₹(620.78)
  • Net Loss for the year: ₹(580.20)
  • Total Comprehensive Income: ₹(580.19)
  • Basic EPS (Continuing & Discontinued): ₹(1.05)
  • Paid-up Equity Capital: ₹550.00 Lakhs (Face Value: ₹1.00 per share)
  • Total Reserves (Other Equity): ₹4,389.01

Discontinued Operations

The company discontinued its Textile operations and informed the exchanges on August 31, 2023. All revenue and profit/loss from this activity are disclosed as 'Discontinued Operations'.

Discontinued Operations for the Year Ended March 31, 2026:

  • Total Income: ₹18.49
  • Total Expenses: ₹374.87
  • Loss before tax: ₹(313.57)
  • Total Tax Expense: ₹307.21
  • Net Loss: ₹(620.78)

Statement of Assets and Liabilities (as of March 31, 2026)

(All figures in ₹ Lakhs)

  • Total Assets: ₹8,984.11
  • Non-Current Assets: ₹8,088.15 (Includes Investment Property: ₹7,890.41)
  • Current Assets: ₹895.95 (Includes Cash & Cash Equivalents: ₹124.27; Other Bank Balances: ₹567.89)
  • Total Equity: ₹4,939.01
  • Non-Current Liabilities: ₹1,349.89
  • Current Liabilities: ₹2,695.21

Significant Notes to Accounts

1. Power Dispute: Elaborates on the dispute with APGCL and SPDCL, detailing the claimed amount of ₹8,324.06 Lakhs and the management's estimate of a payable of ₹1,907.56 Lakhs.

2. Segment Reporting: The main reportable segments are 'Textiles' (Discontinued) and 'Rental services' (Continuing).

3. Labour Codes: The company states it is in compliance with the new Labour Codes effective from November 21, 2025, and assesses no material impact on its financial results.

4. Joint Venture Agreement: The company entered into a JV for the development of its land in Coimbatore. The property remains classified as an investment property (Value: ₹7,890.41 Lakhs) as no significant activities have commenced.

5. Change in Accounting Estimate: The company revised the useful lives of certain assets, resulting in an additional depreciation charge of ₹139.42 Lakhs for FY26 (₹109.52 Lakhs for a building and ₹29.90 Lakhs for Furniture/Fittings and Data Processing equipment).

Additional Compliance

A separate declaration from the Chairman & Managing Director, Mr. Sumanth Ramamurthi, confirms the issuance of the audit report with an unmodified opinion.