Please find attached revised Audited Financial Results for QE/YE March 31, 2025
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Adcon Capital Services has submitted revised audited financial results for Q4 and full year FY25. The revision was due to changes in grouping of various line items that were overlooked in the earlier submission. Revenue from operations for FY25 jumped to ₹324.11 lakhs from ₹167.72 lakhs in FY24, roughly doubling. Profit after tax surged to ₹218.35 lakhs from ₹30.91 lakhs, a more than 6x increase. The Q4 standalone PAT was ₹53.51 lakhs versus ₹23.06 lakhs in the year-ago quarter. EPS for the full year stood at ₹0.069 versus ₹0.028. The auditor (Maheshwari & Co.) issued an unmodified opinion but flagged four Emphasis of Matter points, including unconfirmed loan/receivable balances, ₹504.44 lakhs of advances on which interest income was not recognized, and retrospective ECL and standard asset provisioning treated as prior-period errors under Ind AS 8.
The sharply higher FY25 profit is mainly a function of retrospective accounting changes (ECL and standard asset provisioning) and lower expenses, rather than an underlying earnings surge, which warrants a closer look. The emphasis-of-matter flags around ₹504 lakhs of unbooked interest and unreconciled balances, combined with a second consecutive year of negative operating cash flow (-₹130 lakhs), are points of concern for shareholders despite the strong reported numbers.