- GSM Foils reported a 99% rise in net profit for the June quarter to Rs 7.62 crore
- The company’s share price dropped 20%, closing at Rs 192 on the NSE on Friday
- Whole-time Director Sagar Bhanushali was arrested for plotting to kill MD Mohansingh Parmar
A near-doubling of quarterly profit, a 20% crash in its share price and an alleged plot to kill its managing director, GSM Foils Ltd. has witnessed a dramatic turn of events in a matter of days. The SME-listed manufacturer's stock closed at its lower circuit of Rs 192 on the NSE on Friday, despite a relatively stable broader market.
The SME-listed manufacturer reported a 99% year-on-year rise in net profit for the June quarter, but the results were overshadowed after police arrested Whole-time Director Sagar Bhanushali and six others in connection with the shooting of Managing Director Mohansingh Parmar.
The Firing Incident
Bhanushali is accused of plotting the attack on Managing Director Mohansingh Parmar, 46, to escape a Rs 32-crore financial liability and gain complete control of GSM Foils, according to investigators, according to a report in The Times of India.
Police said Bhanushali had suffered heavy losses in the US stock market following volatility linked to the Iran-Israel conflict, leaving him with debts running into crores. Investigators alleged that he paid Rs 30 lakh for the contract killing, including Rs 5 lakh in advance.
The attack took place on July 24 at the company's premises in Diamond Industrial Estate, Vasai East. Two motorcycle-borne assailants intercepted Parmar and opened fire. He was struck in the shoulder. A second shot failed after the pistol jammed, after which the attacker allegedly hit Parmar with the weapon before fleeing.
Police tracked Bhanushali to Uttar Pradesh with help from the state's special task force. Six other suspects, including the alleged shooter and people accused of arranging the firearm, motorcycle, reconnaissance and escape, were arrested separately. The firearm's source remains under investigation.
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What The Company Said
In a regulatory filing, GSM Foils said Parmar received prompt medical attention and was stable and improving. It confirmed that Bhanushali had been taken into police custody and said it was fully cooperating with investigators.
The company added that senior management had taken steps to ensure business continuity and that its manufacturing facilities in Vasai and Ahmedabad were operating normally. It said further disclosures would be made if required under applicable regulations.
GSM Foils Q1 Results
The developments overshadowed a strong June-quarter performance. GSM Foils' net profit rose 98.96% year-on-year to Rs 7.62 crore from Rs 3.83 crore. Revenue climbed 86.33% to Rs 96.89 crore from Rs 52 crore. Profit before tax increased 89% to Rs 10.20 crore, while the operating margin improved to 11.88% from 11.19%
GSM Foils manufactures blister foils and aluminium pharmaceutical foils for the healthcare industry.
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