Financial statements for the half year and annual year ended

The Board approved audited standalone financial results for the half-year and full year ended March 31, 2025. Revenue from operations stood at around ₹2,003 lakhs versus ₹1,995 lakhs last year (almost flat), while profit after tax jumped to ₹95 lakhs from ₹51 lakhs (about 86% growth). The statutory auditor, Choudhary Choudhary & Co., issued a Qualified Opinion flagging six major issues: no internal auditor appointed, ₹22 crore unsecured loans without proper documentation, ₹1,105 lakhs from a rights issue diverted to a director and a related party outside the stated purpose, abnormal receipts of around ₹500 lakhs from vendors, and nearly ₹8.59 crore of sales carried out at almost zero margin. Eight Emphasis Matters were also raised, including delayed salary payments (signalling liquidity stress), payments to a non-employee connected to a related-party lender, missing expense documentation, no business activity for several months, and TDS non-compliance. The Board also accepted the resignation of Independent Director Jay Vijaykumar Mehra, appointed Vinayak S. Chandorkar as Non-Executive Independent Director, appointed Kirit Kumar Madhavlal Shah as Managing Director and CFO, and appointed new secretarial and internal auditors.