Financial results as on 31st March, 2025
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Baroda Extrusion Ltd, which makes copper tubes and bars, reported full-year revenue of Rs 15,905.39 lakhs, up about 25% from Rs 12,720.15 lakhs last year. The company swung to a profit after tax of Rs 1,972.19 lakhs, from a Rs 109.80 lakh loss in FY24, mainly due to a one-time exceptional gain of Rs 18.84 crores booked from settling old dues of Rs 44.35 crores with Brijlaxmi Leasing and Finance for Rs 25.51 crores. Profit before exceptional items was Rs 308.12 lakhs versus a loss earlier, and operating cash flow turned strongly positive at Rs 1,739.66 lakhs. The statutory auditor issued a qualified opinion flagging two issues: a Rs 45.73 lakh advance for goods not supplied within 365 days, and continued recognition of Rs 292.62 lakhs in deferred tax assets despite negative net worth. The auditor also flagged material uncertainty on going concern, though management plans a Rs 37 crore preferential issue to strengthen the balance sheet. Net worth remains negative at Rs (1,970.34) lakhs, though improved from Rs (3,942.37) lakhs, and borrowings fell sharply from Rs 5,937.10 lakhs to Rs 2,110.69 lakhs.
The headline profit looks strong but Rs 18.84 crore of it is a one-time settlement gain and not from core operations. The qualified audit opinion, the negative net worth, and the auditor's going concern flag are red flags that investors should weigh carefully. The planned Rs 37 crore preferential issue, if approved, could meaningfully improve the equity base.