Please find attached Audited Financial Results for March 2025
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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.
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.