Financial Results for the half Year and Annual year ended
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AA Plus Tradelink reported FY25 revenue of Rs 2,003 lakhs (nearly flat vs Rs 1,995 lakhs last year), but profit after tax nearly doubled to Rs 95 lakhs from Rs 51 lakhs. The statutory auditor issued a qualified (modified) opinion flagging serious concerns: the company had no internal auditor, Rs 22 crores in unsecured loans lacked documentation, Rs 125 lakhs from a rights issue was paid to a director and Rs 980 lakhs to a related party not matching the stated purpose, and Rs 8.59 crores of sales (caster seed, bajra, wheat) were booked at near-zero margins. On governance, CFO Devjit Chakraborty resigned and was replaced by Kirit Kumar Madhavlal Shah, who was also appointed Managing Director. Independent director Jay Vijaykumar Mehra resigned citing pre-occupation, and Vinayak S. Chandorkar was appointed in his place. A postal ballot has been initiated to seek shareholder approval for these appointments.
Despite nearly doubled profits, the qualified audit opinion and multiple governance red flags — including potential diversion of rights issue proceeds, lack of internal audit, and irregular payments — are serious negatives that could weigh on investor confidence and invite regulatory scrutiny. Shareholders should watch for the postal ballot outcome and any further clarifications from the company on the auditor's observations.