Standalone and Consolidated Financial Results for the Half Year and Financial Year Ended on 31st March, 2025
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The Board approved audited results for FY25 and H2 FY25. On a standalone basis, revenue from operations rose to Rs 7,387 lakh from Rs 6,768 lakh (up ~9%), while profit after tax grew to Rs 736 lakh from Rs 613 lakh (up ~20%). However, basic EPS fell to Rs 5.60 from Rs 6.13 because the share count roughly doubled following the May 2024 IPO, which raised Rs 2,412 lakh at Rs 67 per share. Consolidated numbers were much stronger due to the full-year inclusion of newly acquired subsidiary Jet Inks Pvt Ltd (acquired May 2024): consolidated revenue jumped to Rs 8,842 lakh from Rs 4,607 lakh (up ~92%) and consolidated PAT rose to Rs 756 lakh from Rs 458 lakh (up ~65%). Auditor Karma & Co LLP issued an unmodified opinion on both sets of results, and the company reported no pending investor complaints. IPO proceeds have been substantially utilised for the Jet Inks acquisition, debt repayment, and general corporate purposes.
Good earnings growth on both bases, but the consolidated surge is largely inorganic (subsidiary consolidation), while the standalone business shows more modest top-line and profit growth. The decline in EPS despite higher PAT reflects significant share dilution from the IPO, which shareholders should weigh against the strengthened balance sheet (reserves up sharply to Rs 3,638 lakh). Operating cash flow weakened considerably on a standalone basis, a point worth tracking.