Audited Financial Results for the quarter and year ended 31.03.2025
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Kundan Minerals And Metals Ltd reported audited consolidated and standalone results for FY25. On a consolidated basis, profit before tax swung to ₹15,237.25 lakhs from a loss of ₹5,292.83 lakhs in FY24, while standalone PAT came in at ₹12,579.79 lakhs versus a restated loss of ₹5,273.87 lakhs. Revenue from operations grew sharply to ₹395,608.55 lakhs (standalone) and ₹267,507.29 lakhs for Q4 (consolidated), driven mainly by the 100% acquisition of Kundan Concentrates Private Limited, which was treated as a common-control transaction and given effect from 4 October 2023, leading to restatement of FY24 numbers. The company also acquired a 49% stake in Kundan Gold Mines (an associate) and set up a Dubai subsidiary, Kundan Venture FZCO, though it is not yet consolidated. Auditor Ashwani & Associates issued an unmodified (clean) opinion on both standalone and consolidated results.
Shareholders see a dramatic turnaround from loss to profit on the back of the subsidiary consolidation, but this is largely an acquisition-driven restatement rather than pure organic growth. The very large related-party purchases from Kundan Refinery (almost equal to standalone revenue) and material loans/advances to Gogia Leasing warrant close scrutiny on related-party exposure.