Please find enclosed Financial Results for the quarter and year ended March 31, 2025.
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Artemis Electricals and Projects Limited reported strong growth for FY25 with standalone revenue from operations rising about 75% to ₹7,234.77 lakhs from ₹4,135.92 lakhs in FY24. Profit after tax jumped to ₹768.50 lakhs (₹0.31 per share) from ₹409.76 lakhs (₹0.16 per share), helped by a sharp jump in Q4 revenue to ₹3,749.27 lakhs. The auditor issued an unmodified (clean) opinion but flagged several emphasis-of-matter items, including a related-party contract with Electroforce (India) Private Limited to set up a lithium-ion battery plant, closure of factory manufacturing operations, inability to verify physical inventory, and non-availability of segment information. Operating cash flow was robust at ₹4,119.24 lakhs and borrowings dropped sharply from about ₹1,223 lakhs to ₹247 lakhs. Capital work in progress stood at ₹5,554.79 lakhs, mostly tied to the under-construction lithium-ion plant expected to commission by September 2025.
Headline numbers look very strong for shareholders, with revenue, profit, and cash flows all showing big year-on-year improvement and debt nearly wiped out. However, the business is now heavily dependent on project execution and the commissioning of the related-party lithium-ion plant rather than its own manufacturing, which carries execution and concentration risk worth monitoring.