Financials Results For Quarter And Year Ended March 31, 2025
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On the reaction day the stock moved 5.1 pts less than Nifty Microcap 250 and 5.8 pts less than its Fertilizers peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Bharat Agri Fert & Realty Ltd reported FY25 revenue from operations of Rs 25.35 crore, up about 14% from Rs 22.26 crore in FY24. The company swung to a net profit of Rs 91.53 lakhs in FY25 from a loss of Rs 320.21 lakhs in FY24, with Q4 FY25 standalone profit at Rs 4.27 crore. However, the statutory auditor issued a qualified opinion, flagging Rs 9.81 crore of old overdue trade receivables with no provision and the absence of an impairment study for the loss-making fertilizer segment (capacity utilisation below 10%). On a positive note, the company signed an MoU with GFL to market 25,000 MT of SSP (~Rs 40 crore revenue potential), received a Rs 2,142/MT hike in fertilizer subsidy effective April 2025, and is expanding its Anchaviyo Resort from 80 to 250 rooms (Rs 100 crore project). Total assets grew to Rs 146.78 crore, but total borrowings jumped about 71% YoY to Rs 64.39 crore.
If the auditor's qualification on receivables is adjusted, the FY25 result would actually be a loss of Rs 8.90 crore instead of the reported profit, eroding networth from Rs 50.42 crore to Rs 40.60 crore. Persistent losses in the fertiliser division, negative operating cash flow of Rs 57 lakhs, and rising debt are red flags, though the subsidy hike and GFL marketing deal offer a potential turnaround path for shareholders.