Standalone and Consolidated Financial Results for the quarter and year ended 31st March,2025
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Azad India Mobility Ltd (formerly Indian Bright Steel Co Ltd) reported its FY25 audited results with an unmodified (clean) opinion from statutory auditor R. Bhargava & Associates. The company posted net sales of Rs. 903.18 lakhs for the year, compared to virtually zero revenue in the previous year, marking a sharp operational turnaround driven by its EV luxury bus business. Net profit after tax for FY25 stood at Rs. 14.59 lakhs, a significant swing from a loss of Rs. 121.20 lakhs in FY24. Cash losses narrowed to Rs. 7.13 lakhs from Rs. 121.20 lakhs. During the year, the company also converted 60,50,000 warrants into equity shares after receiving balance consideration of Rs. 7.26 crores, and NAE Mobility Pvt Ltd became its subsidiary from October 14, 2024.
For shareholders, the company has swung from a loss-making, near-zero revenue business to generating its first meaningful revenue and small profit, which is a positive development. However, the auditor has flagged a material uncertainty about the company's ability to pay its liabilities falling due within the next one year, which is a serious going-concern red flag despite the improved headline numbers.