Annual Report of Devoted Construction Limited for the Financial Year ended 2024-2025
Awaiting price reaction for this filing.
Devoted Construction Limited has filed its 9th Annual Report for FY 2024-25 with BSE. The company's operating income remained NIL for the second consecutive year, same as FY 2023-24. Total expenditure was Rs. 4.18 lakhs, leading to a loss after tax of Rs. 4.18 lakhs, slightly improved from the Rs. 6.01 lakh loss last year. The board did not recommend any dividend. Trading in the company's shares has been suspended on BSE since November 21, 2022 due to non-compliance with SEBI's Depositories Regulations, and a BSE show-cause notice for compulsory delisting was issued in June 2023. The company did not appoint an internal auditor as required under Section 138 of the Companies Act. The auditor flagged an Emphasis of Matter regarding FSI (Floor Space Index) inventories of Rs. 147.47 crores carried at historical cost and pending balance confirmations. Director Mr. Pushpendra Surana resigned effective May 27, 2024. The company mentioned a new project worth Rs. 5 crores in Lucknow with Kaustubh Infraprojects Pvt Ltd as a positive development.
Shareholders should note that the stock remains suspended from trading since 2022 with an active delisting risk, the company is loss-making with zero operating revenue, and no dividend has been declared. The Rs. 5 crore new project is small relative to the existing Rs. 147 crore FSI inventory and may not meaningfully change the company's prospects in the near term.