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Bhilwara Technical Textiles reported its audited results for FY25. Standalone revenue from operations fell sharply to ₹819.50 lakhs from ₹1,437.07 lakhs in FY24, a drop of about 43%. Standalone profit after tax slipped to ₹87.22 lakhs (from ₹132.10 lakhs), with EPS at ₹0.15 vs ₹0.23. On a consolidated basis, PAT dropped to ₹729.87 lakhs from ₹1,287.95 lakhs, largely because the share of profits from associate BMD Private Limited fell to ₹642.65 lakhs from ₹1,155.85 lakhs. The auditor (Doogar & Associates) issued an unqualified/modified opinion, and the Board also approved appointing Manisha Gupta & Associates as the new Secretarial Auditor for five years. Operating cash flow actually turned positive at ₹41.53 lakhs versus a ₹22.31 lakh outflow last year.
The sharp fall in core operating revenue is a clear concern for shareholders, even though reported profits were partly propped up by higher other income. Clean audit opinion and improving cash flow are positives, but investors should watch whether the steep revenue decline is a one-off or part of a structural slowdown.