Porwal Auto Components Ltd. reported unaudited earnings results for the fourth quarter and audited earnings results for the full year ended March 31, 2013. For the quarter, the company reported total income from operations of INR 176.711 million compared to INR 238.527 million a year ago. Net profit was INR 4.872 million or INR 0.32 per basic and diluted share, compared to INR 3.573 million or INR 0.24 per basic and diluted share, a year ago. Profit from operation before other income, finance costs, tax & exceptional items was INR 53.971 million compared to INR 27.351 million a year ago. Profit from ordinary activates before tax was INR 4.872 million against INR 3.573 million a year ago. For the year, the company reported total income from operation of INR 775.577 million compared to INR 871.172 million a year ago. Profit from operation before other income, finance costs, tax & exceptional items was INR 22.790 million compared to INR 24.274 million a year ago. Net profit was INR 7.651 million or INR 0.51 per basic and diluted share, compared to net profit of INR 6.927 million or INR 0.46 per basic and diluted share a year ago. Profit from ordinary activities before tax was INR 11.946 million against INR 9.533 million a year ago.

Porwal Auto Components Ltd. announced that the Board of Directors of the company at its meeting held on May 03, 2013 accepted the resignation of Shri Ashish Saboo, Independent Non-executive Director and appointed Shri Ramesh Kashyap as Additional Director of the company as Independent Non-executive Director of the Company.

Porwal Auto Components Ltd, Board Meeting, May 03, 2013. Agenda: To consider the audited results; to accept the resignation of Ashish Saboo, Independent Non-executive Director; to appoint Ramesh Kashyap as Additional Director of the company as Independent Non-executive Director of the company; to reconstitute Audit Committee and Remuneration Committee; to re-appoint the Cost Auditor for the financial year 2013 to 2014; to increase the remuneration of Surendra Jain as Executive Chairman; to increase the remuneration of Devendra Jain as Managing Director; to increase the remuneration of Mukesh Jain as Whole-time Director; and to increase the remuneration of Shailesh Jain as Chief Executive Officer.