Annual report of the Company for the financial year ended on 31st March, 2025.
Awaiting price reaction for this filing.
D S Kulkarni Developers has filed its 34th Annual Report for FY ended March 31, 2025 along with the notice for its AGM scheduled on September 30, 2025 at 3:00 PM in Pune. The company, which underwent Corporate Insolvency Resolution Process (CIRP) initiated in September 2019, was rescued under a resolution plan approved by NCLT in June 2023 and is now under the control of a consortium led by Ashdan Properties, Classic Promoters & Builders, and Atul Builders. For FY25, the company reported total income of Rs. 7,560.12 lakhs (vs Rs. 2,823.91 lakhs in FY24) and a net profit of Rs. 1,725.43 lakhs, compared to a net loss of Rs. 888.32 lakhs in the previous year. EPS stood at Rs. 0.56 versus negative Rs. 0.09. No dividend has been recommended. Key AGM items include adoption of financial statements, re-appointment of director Sumit Diwane, and approval of material related party transactions with Classic Promoters up to Rs. 200 crore.
The improved financials suggest the company is stabilizing under new management post-CIRP, but shares remain in the Z category and are not being traded on exchanges, limiting liquidity for investors. Ongoing ED/EOW investigations, missing independent directors, and unrecovered subsidiary records remain key risks, while the Rs. 200 crore related-party transaction with promoter-linked entity Classic Promoters requires shareholder approval.