Jai Corp buyback: Board sets meeting on August 29 to discuss buyback of shares. Check financial details and more

Jai Corp Buyback: The Board of Directors of Jai Corp Limited will meet on Thursday, August 29, 2024, to consider a potential buyback of the company's equity shares. The meeting agenda will be to discuss the potential repurchase of fully paid-up equity shares with a face value of Re. 1.00 each, as per an exchange filing.

The meeting, scheduled in compliance with Regulation 29(1)(b) of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015, will also address related matters. The proposed buyback, if approved, will be conducted in accordance with the Companies Act, 2013, SEBI regulations, and other applicable laws.

In line with insider trading prevention measures, the company has implemented a trading window closure. As per the official statement:

"Pursuant to the Company's Code of Conduct to Regulate, Monitor and Report Trading by Insiders formulated pursuant to Regulation 9 in Chapter IV read with Schedule B to the SEBI (Prohibition of Insider Trading) Regulations, 2015, the closure of the trading window for dealing in securities of the Company which commences from today i.e. 24th August 2024 will end on expiry of 48 hours after the conclusion of the Board Meeting.

Jai Corporation financial performance

Jai Corporation released its financial results on August 16, for the first quarter of the fiscal year 2024-25, showing mixed performance across various metrics. The company's revenue grew by 4.65% compared to the same period last year, while profits surged by an impressive 148.28%. However, when compared to the previous quarter, both revenue and profit experienced declines of 1.48% and 41.37% respectively.

One of the highlights of the report was a significant reduction in expenses. The company managed to cut its Selling, General & Administrative costs by 14.53% quarter-on-quarter and 22.4% year-on-year, contributing positively to its financial health.

Operating income showed varied results, with a 23.77% decrease from the previous quarter but a substantial 176.47% increase year-on-year, indicating a strong recovery from the previous year's performance.

The company's Earnings Per Share (EPS) for Q1 reached ₹0.77, marking a notable 146.96% increase compared to the same quarter last year. This significant rise in EPS reflects improved profitability and operational efficiency.