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Banganga Paper Industries (formerly Inertia Steel Limited) submitted its unaudited financial results for the quarter ended June 30, 2025. Statutory auditor Jain Chhajed & Associates (FRN: 127911W) issued an unmodified (clean) opinion on both the standalone and consolidated results. On a standalone basis, the company reported negligible revenue and a loss of Rs. 2.63 lakhs, with EPS of Rs. (0.002). On a consolidated basis, revenue from operations stood at Rs. 2,116.22 lakhs and net profit was Rs. 65.16 lakhs (EPS Rs. 0.05), with the performance driven by its subsidiary Banganga Paper Mills Limited, which was acquired in July 2024. Compared to the previous quarter (Q4 FY25), consolidated profit declined from Rs. 99.85 lakhs to Rs. 65.16 lakhs.
A clean (unmodified) auditor opinion is reassuring, but the standalone entity continues to post losses, indicating the parent has no independent operating activity and depends entirely on its newly acquired paper subsidiary. Investors should track the subsidiary's performance, as the modest quarter-on-quarter decline in consolidated profit (from Rs. 99.85L to Rs. 65.16L) is worth monitoring.