Cantabil Retail India Ltd. Posts Strong Q1 Results, Declares Dividend

Cantabil Retail India Ltd. (CRIL) has announced robust financial results for the first quarter ending June 30, 2024. The company's board of directors also recommended a final dividend and shared several key updates.

Key Highlights from the Board Meeting:

• Strong Q1 Performance: CRIL reported a net profit of ₹1,128.87 lakhs for the quarter, a significant increase compared to ₹ 1,219.50 lakhs during the same period last year.
• Final Dividend: The board has recommended a final dividend of ₹0.50 per equity share (25%) for the fiscal year ended March 31, 2024. This is subject to shareholder approval at the upcoming Annual General Meeting (AGM).
• Record Date for Dividend: The record date for determining dividend eligibility is set for August 30, 2024.
• 36th AGM Notice Approved: The company has approved the notice for its 36th AGM.
• Board Changes:
  • Mr. Balvinder Singh Ahluwalia and Ms. Renu Jagdish will cease to be Independent Directors upon completion of their tenure on September 25 and 28, 2024, respectively.
  • Mr. Rajeev Sharma has been recommended for reappointment as an Independent Director for a further 5-year term, subject to shareholder approval at the AGM.
  • Mr. Lalit Kumar and Ms. Arpana Jain have been recommended for appointment as Additional Directors (Non-Executive & Independent) for 5 years, also subject to shareholder approval.
• Auditor Changes:
  • M/s Suresh & Associates have resigned as Statutory Auditors.
  • M/s Walker Chandiok & Co LLP has been appointed to fill the casual vacancy and is also recommended for appointment as Statutory Auditors for the next five financial years (2024-25 to 2028-29), subject to shareholder approval.
  • M/s. DPV & Associates LLP has been reappointed as the Secretarial Auditor for the financial year 2024-25.

Financial Highlights Q1 2024 vs Q1 2023:

• Revenue from Operations: Increased from ₹11,290.14 lakhs to ₹12,792.49 lakhs
• Net Profit: Increased from ₹ 1,219.50 lakhs to ₹1,128.87 lakhs

Conclusion: