Please find attached Audited Financial Results for March 2025

Emphasis of matterRevenue growth above 20%Profit growth above 25%Negative operating cash flowContingent liabilities increasedResults restatedResults View source PDF Explain this filing

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Price reactionminutes from the announcement price · days from the prior close

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prior close

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Nifty Microcap 250market · in no size index; the smallest one is used+0.1%+2.6% vs market

Non Banking Financial Company (NBFC) peers, median of 194sector+0.0%+2.7% vs sector

On the reaction day the stock moved 2.6 pts more than Nifty Microcap 250 and 2.7 pts more than its Non Banking Financial Company (NBFC) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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UpDownMarket · Nifty Microcap 250Sector · Non Banking Financial Company (NBFC) peers, median of 194Pending

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AI summary

Adcon Capital Services Limited, a non-banking finance company based in Indore, submitted its audited financial results for Q4 and FY ending March 31, 2025. Total income for the full year nearly doubled to ₹324.11 lakhs from ₹167.71 lakhs in FY24, supported by higher interest income (₹223.80 lakhs, +35%) and a sharp jump in other income (₹95.07 lakhs). Profit after tax jumped to ₹218.29 lakhs from ₹49.61 lakhs, with Q4 standalone PAT rising to ₹42.69 lakhs (up ~85% YoY) and basic EPS at ₹0.069 for the year. The statutory auditor (Maheshwari & Co.) issued an unmodified opinion but included four 'Emphasis of Matter' points covering unconfirmed trade receivables, loans and advances balances, ₹504.44 lakhs of unrecognised interest on advances, and retrospective ECL and standard asset provisioning treated as prior period errors under Ind AS 8. Operating cash flow remained negative at ₹(130.07) lakhs, total assets grew to ₹4,403.39 lakhs, and other financial liabilities surged from ₹16.74 lakhs to ₹928.24 lakhs.

Likely market impact

The strong headline profit growth is positive but warrants caution: auditors flagged unreconciled balances and retrospective restatements, operating cash flow stayed negative for a second year, and financial liabilities shot up sharply. For shareholders, the earnings beat is real but governance and balance-sheet quality concerns may cap valuation re-rating until the emphasis-of-matter items are resolved.