Financial Results
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Bihar Sponge Iron Limited reported FY25 net revenue from operations of Rs. 31,941.64 lakhs, up about 19.8% from Rs. 26,665.10 lakhs in FY24. Profit after tax rose nearly 40% to Rs. 1,039.43 lakhs (FY24: Rs. 744.47 lakhs), with EPS at Rs. 1.15 vs Rs. 0.83. Q4 FY25 net profit was Rs. 335.79 lakhs, down 25% from Rs. 449.34 lakhs in Q4 FY24 despite higher revenue. The auditor (Doogar & Associates) issued a Qualified Opinion, flagging non-provisioning of a Rs. 215.28 lakh coal penalty from South East Coalfields and incomplete interest provisioning of Rs. 8,272.61 lakhs on a Jharkhand government soft loan, and undisclosed promoter loan settlement terms. The board also approved sale of a non-operational 5MW power plant for Rs. 1 crore to related party GS Pharmbutor Pvt Ltd, and a 5-year MOU with the same party for loan repayment.
Profitability improved meaningfully and operating cash flow remained positive at Rs. 823.90 lakhs, but the company still has a negative net worth of Rs. 4,535.18 lakhs and carries significant contingent liabilities that could turn profits into losses of around Rs. 7,448 lakhs if all audit qualifications applied. The qualified opinion, related-party asset sale, and unresolved government interest waiver may weigh on investor sentiment despite the headline growth.