Financial Results
BAJEL · price
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Bajel Projects reported audited results for Q4 and FY ended March 31, 2025, with standalone net sales more than doubling to Rs. 2,56,261 lakhs (vs Rs. 1,13,999 lakhs in FY24), a jump of about 125%. Standalone profit after tax rose to Rs. 1,546 lakhs from Rs. 429 lakhs in FY24, while EPS improved to Rs. 1.34 from Rs. 0.37. However, finance costs nearly tripled to Rs. 5,351 lakhs, and trade receivables ballooned to about Rs. 1,25,866 lakhs from Rs. 73,541 lakhs, indicating working capital strain. The auditor (SRBC & Co LLP) issued an unmodified (clean) opinion but flagged an emphasis of matter regarding arbitration proceedings against two customers for recovery of Rs. 5,020 lakhs in outstanding balances. The board also approved raising the borrowing limit from Rs. 2,500 crore to Rs. 3,500 crore, and appointed Mr. Sudarshan Sampathkumar (ex-Bain & Company partner) as an Independent Director.
Strong top-line growth and a sharp jump in profits are positive for shareholders, but rising receivables, higher finance costs, and the customer arbitration matter are watch-points. The proposed increase in borrowing limit signals expansion plans but also means higher future interest outgo.