Outcome of the Board Meeting held today i.e. Friday, May 30, 2025
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Awaiting price reaction for this filing.
The board approved audited financial results for Q4 and FY ended March 31, 2025, and re-appointed M/s D.C. Chhajed & Associates as Internal Auditor for FY26. Revenue from operations rose to Rs. 8,975.65 lakhs in FY25 from Rs. 6,755.51 lakhs in FY24, a growth of about 33%. However, the company swung to a net loss of Rs. 7,264.03 lakhs in FY25, compared to a profit of Rs. 6,418.49 lakhs in FY24 (boosted by exceptional items of Rs. 15,237.85 lakhs). Net worth is deeply negative at Rs. (26,359.15) lakhs. The statutory auditor (Chatterjee & Chatterjee) issued a Qualified Opinion due to pending reconciliations of trade payables, receivables and bank term loans. The auditor also flagged a material uncertainty on going concern, noting that current liabilities far exceed current assets and loans of Rs. 51,793.79 lakhs have been classified as Non-Performing Assets (NPA). Emphasis was drawn to provisional attachment of immovable properties and promoter shares by the Enforcement Directorate under PMLA, though management says it does not impact operations.
Despite higher revenue, persistent losses and a completely eroded net worth raise serious solvency concerns. The going-concern qualification and NPA-classified debt of over Rs. 517 crore make this a high-risk situation for shareholders. The Enforcement Directorate attachment and unresolved lender discussions add further uncertainty, likely weighing negatively on the stock.