Pharma Stock In Focus: Sigachi Industries Declared Positive Q1 Results

Sigachi Industries a small-cap company in the pharma sector have declared its financial results for the quarter ended 30th June 2024.

Sigachi Industries' net profit climbed by 20.96% to Rs 13.16 crore in the quarter that ended in June 2024 from Rs 10.88 crore in the quarter that ended in June 2023. In the quarter that ended in June 2024, sales increased by 13.00% to Rs 95.71 crore, compared to Rs 84.70 crore in the quarter that ended in June 2023.

Based on the Board meeting held on 06th August, 2024, the company approved the re-appointment of Mrs. Bindu Vindodhan (DIN: 02882210) as an Independent Director for a term of 5 years effective 27th October,2024.

In the meeting, the Board of Directors of Sigachi Industries also approved the re-appointment of Mr. Rabindra Prasad Sinha (DIN:00413448) as whole-time director & chairman of the company for a period of 3 years and with a remuneration of Rs. 5,60,000/- with effect from 01st December,2024 with an annual increment of Rs. 40,000 for every financial year effective from 1st April 2025.

In addition to the above, the Board of Sigachi Industries also considered and approved the re-appointment of Mr. Chidambarnathan Shanmuganathan (DIN: 00485497) as whole-time director & chairman of the company for a period of 3 years and with a remuneration of Rs. 5,60,000/- with effect from 01st December,2024 with an annual increment of Rs. 40,000 for every financial year effective from 1st April 2025 subject to the approval of members of the company at the ensuing General Meeting.

The Board of Directors also approved the re-appointment of Mr. Amit Raj Sinha (DIN:01263292) as managing director & CEO of the company for a period of 3 years and with a remuneration of Rs. 14,00,000/- per month with effect from 01st December, 2024 with an annual increment of Rs. 2,00,000 for every financial year effective from 1st April 2025 subject to the approval of members of the company at the ensuing General Meeting.

The Board of Directors "Considered and approved the Special Notice received from a member, Mrs. Sushma Toshniwal having Equity Shares of Nominal value exceeding Rs. 5 Lakhs, for the proposed appointment of M/s. Yelamanchi & Associates, Chartered Accountants, as Statutory Auditors of the Company with effect from the conclusion of the forth coming Annual General Meeting and the Board noted that the term of existing Auditor is up to the conclusion of the forth coming Annual General Meeting who were appointed w.e.f 11.11.2023 in a casual vacancy by the Board on 11.11.2023 with the approval of EGM on 05.02.2024," said Sigachi Industries in a stock exchange filing on Tuesday.

During the meeting, the Board of Sigachi Industries approved the appointment of M/s. Yelamanchi & Associates, Chartered Accountants, as Statutory Auditors of the company for a period of 5 years i.e., w.e.f the conclusion of the forth coming Annual General Meeting upto 40th Annual General Meeting for FY 2028-29.

The company further said the Board increased the overall managerial remuneration payable from 11% to 25% of the net profits of the company w.e.f FY 2024-25, subject to the approval of the members.