Outcome of the Board Meeting is attached
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The Board of Chowgule Steamships approved audited standalone financial results for the quarter and year ended March 31, 2025. Total income for FY25 stood at ₹722.20 lakhs (vs ₹758.75 lakhs in FY24), with revenue from operations at ₹388.24 lakhs (vs ₹409.18 lakhs). Profit after tax came in at ₹128.56 lakhs versus ₹742.25 lakhs last year, though FY24 PAT was boosted by a one-time exceptional item of ₹400 lakhs (recovered sundry balances). Profit before exceptional items fell to ₹201.24 lakhs from ₹353.25 lakhs. Q4 FY25 PAT was ₹21.69 lakhs versus ₹54.24 lakhs in Q4 FY24. Operating cash flow turned sharply negative at ₹(425.85) lakhs compared to ₹221.34 lakhs inflow last year. The auditor (M/s M N Choksi & Co LLP) issued an unmodified opinion but flagged related party transactions exceeding Section 188 thresholds (without prior shareholder approval) as a Key Audit Matter. The wholly owned subsidiary Chowgule Steamships Overseas Limited (Guernsey) will be dissolved by June 2025. New internal and secretarial auditors were appointed for FY25-26.
For shareholders: core profitability (before exceptional items) dipped meaningfully year-on-year and operating cash flow swung to a notable outflow, which is a red flag despite the clean audit opinion. Additionally, the auditor's flagging of related party transactions breaching Section 188 limits raises a governance/compliance concern that needs shareholder ratification at the upcoming AGM.