Integrated Filling (Financial) for 31st March, 2025
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Bharat Global Developers Ltd (formerly Kkrrafton Developers Ltd) submitted audited standalone financial results for FY25 on May 28, 2025. Revenue from operations surged to ₹668.58 crore from just ₹25.76 crore in FY24, driven by new business segments in Gold (₹253.05 crore), Textile (₹149.56 crore), and Construction Material (₹120.60 crore). Profit after tax jumped to ₹16.03 crore from ₹3.33 crore, a ~381% increase, with EPS of ₹1.60. Total assets expanded to ₹511.62 crore from ₹165.48 crore. However, operating cash flow was deeply negative at ₹-156.42 crore due to a sharp rise in trade receivables to ₹350.56 crore (up from ₹24.77 crore). The auditor gave an unmodified opinion but flagged that GST returns haven't been filed since Feb 2025, TDS was not deducted under sections 194Q and 260CQ, and the company wrote off trade payables and unsecured loans of ₹2.38 crore.
Strong top-line and profit growth is overshadowed by deeply negative operating cash flow and a massive receivables buildup, which signals potential collection issues and working capital strain. Shareholders should watch for recovery of the ₹350+ crore in trade receivables and resolution of the flagged GST/TDS compliance issues, as these could create future liabilities.