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Shreyas Shipping and Logistics Announces Q1 Financial Results, Reconstitution of Committees, and Key Appointment

Shreyas Shipping and Logistics Limited (SSLL) has reported its unaudited financial results for the quarter ending June 30, 2024, alongside significant corporate developments including the reconstitution of key committees and the appointment of a new Chief Executive Officer.

Q1 Financial Results and Auditor Review

Approval of Unaudited Financial Results

The Board of Directors at Shreyas Shipping and Logistics approved the unaudited standalone and consolidated financial results for Q1 FY 2024-25 during its meeting on August 08, 2024. These results have been prepared in compliance with SEBI's Regulation 33, reflecting the company’s performance for the quarter.

• Key Financial Metrics:
  • Revenue from Operations: ₹9,390 lakhs
  • Total Income: ₹9,639 lakhs
  • Profit Before Tax: ₹274 lakhs

Auditor’s Review and Observations

The financial results were reviewed by PKF Sridhar & Santhanam LLP, the company’s statutory auditors. The review highlighted an ongoing issue regarding an insurance claim related to the fire incident on the vessel MV SSL Brahmaputra, with the auditors recommending caution until the insurance company's liability is acknowledged.

Reconstitution of Board Committees

Revised Committee Structures

The Board has approved the reconstitution of several key committees, effective August 09, 2024. The restructuring aims to enhance corporate governance and operational efficiency.

Audit Committee:

• Chairman: Mr. R.S. Krishnan (Non-Executive, Independent Director)
• Members: Mr. Deepak Shetty, Mr. Anil Gupta, Mr. Ritesh S. Ramakrishnan

Nomination and Remuneration Committee:

• Chairman: Mr. Deepak Shetty (Non-Executive, Independent Director)
• Members: Mr. S. Ramakrishnan, Mr. Ajit Paul, Ms. Sangeeta Singh

Stakeholders Relationship Committee:

• Chairperson: Ms. Anisha Ramakrishnan (Non-Executive, Non-Independent Director)
• Members: Capt. Milind Patankar, Ms. Sangeeta Singh

CSR Committee:

• Chairperson: Ms. Anisha Ramakrishnan (Non-Executive, Non-Independent Director)
• Members: Mr. S. Ramakrishnan, Mr. Ajit Paul, Mr. Ritesh S. Ramakrishnan

Finance Committee:

• Chairman: Mr. Ritesh S. Ramakrishnan (Non-Executive, Non-Independent Director)
• Members: Capt. Milind Patankar, Mr. R.S. Krishnan, Mr. Anil Gupta

Appointment of New Chief Executive Officer

Key Managerial Appointment

The Board has appointed Capt. Ashish Chauhan as the new Chief Executive Officer, effective August 09, 2024. Capt. Chauhan, a seasoned maritime professional with over 23 years of experience, will now serve as a Key Managerial Personnel (KMP) under Section 203 of the Companies Act, 2013.

• Background and Expertise:
  • Education: Masters Mariner from MCA (UK), Executive MBA, certified in Project Management, ERP, and Six Sigma Green Belt.
  • Experience: Over two decades in operations and personnel management within the maritime industry.

Conclusion: Strategic Steps Forward

Shreyas Shipping and Logistics is taking decisive steps to enhance its corporate structure and leadership while ensuring transparency in its financial reporting. The reconstitution of committees and the appointment of Capt. Ashish Chauhan as CEO mark significant milestones in the company's ongoing journey toward operational excellence.