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AJC Jewel Manufacturers submitted its unaudited financial results for the half year ended 31 March 2025 to BSE after the exchange flagged a discrepancy and required resubmission. Revenue from operations stood at Rs 9,223.74 lakhs, with profit after tax of Rs 163.18 lakhs and basic EPS of Rs 3.67. The balance sheet expanded to Rs 4,935.16 lakhs (from Rs 3,723.50 lakhs), driven mainly by higher inventories, trade receivables, and a sharp rise in short-term borrowings to Rs 3,131.14 lakhs. Operating cash flow turned deeply negative at Rs (780.71) lakhs, compared to a positive Rs 442.48 lakhs in the prior year, even though the company reported accounting profit. Previous period figures represent the full financial year, so direct like-for-like growth comparison is not possible.
Despite reported profit, the steep swing to negative operating cash flow and rising short-term debt signal working capital stress and could weigh on the stock. Investors should watch for cash collection improvement and any further borrowings.