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Bhilwara Spinners' board approved audited results for Q4 and FY ending March 31, 2025. Full-year total income jumped sharply to Rs 2,506.82 lac from Rs 955.18 lac last year, but net profit was nearly flat at Rs 173.06 lac versus Rs 173.39 lac. The company booked an exceptional gain of Rs 67.04 lac from the sale of land and building as part of its old business revival/wind-down plan. A major capex push is underway for a new denim unit with revised budget of Rs 111.15 crore, of which Rs 102.92 crore has already been spent, and weaving production started on December 27, 2024. The board also appointed a new statutory auditor (CLB & Associates) for a 5-year term replacing ABN & Co., plus a new secretarial auditor and internal auditor.
Revenue is up sharply on the back of the new denim project coming online, but bottom-line growth has not followed yet as finance costs and depreciation have risen meaningfully. The company is heavily geared with borrowings of around Rs 74 crore against equity of about Rs 45 crore, and the going-concern reference suggests past operations had been wound down. Shareholders should watch for margin improvement as the new denim unit ramps up, while the auditor change is routine.