Approval of Financial Results for the quarter and year ended 31st March, 2025 and other matters
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Aplab Limited's revenue from operations grew 28.5% in FY25 to Rs. 63.67 crore (up from Rs. 49.54 crore in FY24), driven by a strong Q4 showing revenue of Rs. 23.93 crore vs Rs. 17.61 crore in Q4 FY24. However, the company swung to a pre-tax loss of Rs. 6.57 crore compared to a pre-tax profit of Rs. 80 lakh a year ago, mainly due to higher operating expenses and a one-time provision for doubtful debtors of Rs. 6.22 crore. Net profit was just Rs. 26.39 lakh, saved only by a large deferred tax credit of Rs. 6.26 crore. The auditor issued an unmodified opinion but flagged Rs. 1.25 crore in unpaid statutory dues and Rs. 5.47 crore in unpaid gratuity/employee dues. Management acknowledged these concerns and plans to monetise properties and cut costs. Total debt rose to Rs. 29.93 crore against equity of Rs. 10.37 crore (D/E of about 2.9x), and other equity remains negative at Rs. 2.20 crore.
Top-line growth is encouraging, but bottom-line stress, negative reserves, and a very high debt-to-equity ratio signal serious financial health concerns for shareholders. The need to sell properties to settle liabilities and the auditor's emphasis-of-matter note on unpaid dues are red flags that may weigh on the stock and limit near-term investor confidence.