Financial Results for March 2025
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Chowgule Steamships Limited announced its audited standalone results for FY25, reporting revenue from operations of Rs 388.24 lakhs, down from Rs 409.18 lakhs in FY24. Total income stood at Rs 722.20 lakhs versus Rs 758.75 lakhs in the previous year. Profit after tax dropped sharply to Rs 128.56 lakhs from Rs 742.25 lakhs, largely because FY24 included a one-time exceptional gain of Rs 400 lakhs from recovered sundry balances. The auditor, M/s M N Choksi & Co. LLP, issued an unmodified (clean) opinion on the results, but flagged two key audit matters: related party transactions where certain deals exceeded Section 188 thresholds without prior shareholder approval (now being regularised), and ongoing uncertain tax positions under long-pending litigation. The board also approved the dissolution of its wholly-owned subsidiary, Chowgule Steamships Overseas Limited, by June 2025, and the reappointment/appointment of directors and auditors.
Profitability fell sharply year-on-year on a like-for-like basis as operating expenses rose over 28% while revenue declined, suggesting margin pressure for shareholders. The auditor-flagged related-party compliance lapse and subsidiary winding-down add governance-related items investors should watch, though the overall audit opinion remains clean.