Audited Financial Results for the quarter and year ended March 31, 2025.
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Choksi Asia Limited reported FY25 revenue from operations of Rs. 3,698.16 lakhs, more than double the Rs. 1,599.11 lakhs in FY24, with net profit rising to Rs. 309.90 lakhs from Rs. 138.71 lakhs. Basic EPS for the year stood at Rs. 5.44 versus Rs. 2.43 previously. However, these numbers are heavily influenced by the retrospective merger of Choksi Asia Private Limited (CAPL), which was approved by NCLT in November 2024 with an effective date of April 1, 2023, leading to a goodwill recognition of Rs. 929.12 lakhs. The Board did not recommend any final dividend for FY25. For Q4 FY25 alone, revenue was Rs. 1,215.22 lakhs and PAT was Rs. 70.86 lakhs. The statutory auditor issued an unmodified (clean) opinion, but flagged a key audit matter involving a contingent liability of about Rs. 15.74 crores from a customs order on SAD and penalties, against which the company has filed an appeal. Operating cash flow turned negative at Rs. -286.91 lakhs in FY25 versus Rs. +268.07 lakhs last year.
Headline revenue and profit growth look very strong but are largely merger-driven rather than purely organic, so investors should read the numbers in that light. The negative operating cash flow, a large pending customs liability, and share dilution from the merger allotment are points of caution. No dividend means no immediate cash return for shareholders.