Outcome of Board meeting held on 30th may 2025
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The board approved audited financial results for FY ended March 31, 2025, showing a strong turnaround. Standalone profit after tax swung to Rs 54.33 lakhs from a loss of Rs 91.12 lakhs in the previous year, while consolidated profit reached Rs 110.05 lakhs on total revenue of Rs 1,505.29 lakhs. The company issued 7.37 crore equity shares via preferential allotment (mostly to promoter and non-promoter investors in lieu of cash), massively expanding share capital from Rs 5.01 crore to Rs 78.80 crore and adding three subsidiaries and one associate (all related to share swaps completed in February 2025). Three new independent directors were appointed: Mr. Rishin Rasheed, Mr. Ambramoli Purushothaman, and Mr. Sivadas Chettoor. Mr. Ali Thonikkadavath was redesignated from non-executive to independent director, while Mr. Pattassery Alavi Haji moved from independent to non-executive. New internal auditor (Sasi Vijayan & Rajan) and secretarial auditor (Lakshmmi Subramanian & Associates, for FY 2025-26 to 2029-30) were also appointed.
The heavy share dilution (~15x increase in share count) will significantly reduce earnings per share and existing shareholders' stake, despite the return to profitability. The addition of three independent directors strengthens board governance, and the subsidiary acquisitions expand the group's footprint.