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Athena Global Technologies reported its FY25 audited results showing a sharp swing from profit to loss. Standalone revenue dropped to Rs. 1,465.60 lakhs from Rs. 24,855.21 lakhs in FY24, mainly because last year's numbers included a one-time non-cash gain of Rs. 23,593.73 lakhs from fair valuation of an investment property. Excluding that, the core software services business remains small. Standalone loss after tax was Rs. 1,411.98 lakhs versus a profit of Rs. 21,373.94 lakhs last year. Consolidated loss was wider at Rs. 2,014.42 lakhs (vs Rs. 20,510.10 lakhs profit). Operating cash flow was positive at standalone level (Rs. 1,887.66 lakhs) but turned negative on a consolidated basis (Rs. -875.28 lakhs). The statutory auditor issued an unmodified (clean) opinion, and M/s. Sarda & Agarwal was appointed as Internal Auditor for FY 2025-26.
The headline numbers look alarming, but the FY24 profit was inflated by a one-time valuation gain — the actual operating business remains small and loss-making. Shareholders should not compare FY25 with FY24 directly; focus on the underlying software services segment, which continues to post losses. Clean audit opinion is a positive, but negative consolidated operating cash flow and ongoing losses at subsidiaries remain concerns.