Outcome of the Board Meeting held today (22.04.2025) - Pursuant to Regulation 33 of SEBI (Listing Obligations & Disclosure Requirements)
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On the reaction day the stock moved 4.9 pts more than Nifty Microcap 250 and 5.1 pts more than its Paper & Paper Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The Board approved audited financial results for Q4 and FY ended March 31, 2025, along with a draft Scheme of Capital Reduction to cancel Rs. 10 crore of unlisted, unrated Non-Convertible Redeemable Preference Shares held by promoters, to be set off against the Securities Premium Account under Section 66/52 of the Companies Act, 2013. The capital reduction will not affect the equity shareholding structure. For FY25, revenue from operations dropped sharply to Rs. 246.19 lakhs from Rs. 777.65 lakhs in FY24 (about 68% decline), but the company reported a net profit of Rs. 5,140.26 lakhs (vs Rs. 23.58 lakhs in FY24), driven almost entirely by exceptional items of Rs. 5,308.27 lakhs, mainly from profit on sale of fixed assets. Other equity turned positive at Rs. 1,049.81 lakhs (from a negative Rs. 4,092.66 lakhs), non-current borrowings fell sharply from Rs. 5,188.12 lakhs to Rs. 924.08 lakhs, and cash balances surged to Rs. 2,401.34 lakhs. The statutory auditor issued an unmodified (clean) opinion but included an Emphasis of Matter regarding a past preference share redemption that had to be reversed during the year. Operating cash flow was negative at Rs. (2,229.84) lakhs.
For shareholders: The capital reduction simplifies the capital structure by cancelling promoter-held preference shares without affecting equity shareholders. Core operations remain weak (revenue down ~68%), and headline profit is almost entirely from a one-time asset sale, so this is not a sign of recurring earnings strength. Operating cash flow being negative despite the large reported profit is a point of caution.