Revised Annual Report
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Tridev Infraestates Ltd (formerly Ashutosh Paper Mills Ltd) filed its revised annual report for FY2024-25. Revenue from operations fell to about Rs 27.31 lakh from Rs 33.70 lakh last year, a decline of roughly 19%. Profit after tax collapsed to just Rs 22,983 compared with Rs 57.82 lakh in the previous year, since the prior year had a large tax credit of about Rs 49.74 lakh which did not repeat. The company carried out a 50% reduction in paid-up share capital effective February 25, 2025, to write off accumulated losses against the reduced capital. The statutory auditor flagged a qualification noting the company's accounting software did not have an audit trail (edit log) feature, though the overall opinion remained true and fair. No dividend was recommended.
Shareholders saw their paid-up capital effectively halved in February 2025 to absorb past losses, and profits have nearly evaporated, though the company still reports a marginal profit. Investors should note the auditor's qualification on internal controls and the sharp drop in earnings.