Results for the quarter and year ended 31.03.2025
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Classic Leasing & Finance reported FY25 total income of Rs. 88.57 lakhs, up about 41% from Rs. 62.86 lakhs in FY24, while profit after tax jumped to Rs. 46.17 lakhs from Rs. 18.37 lakhs, a roughly 151% rise. Q4 standalone PAT, however, fell to Rs. 8.29 lakhs from Rs. 15.70 lakhs a year earlier. The statutory auditor, Agarwal Khetan & Co., issued a qualified opinion, flagging that the company could not determine fair value of investments as an investee company and that no provision was made for a contingent liability of Rs. 245.32 crore arising from a corporate guarantee given for M/s Kohinoor Steel Pvt Ltd, which is under the corporate insolvency resolution process. Net worth remains deeply negative at Rs. (418.28) lakhs, against total assets of just Rs. 570.72 lakhs, and the debt-to-equity ratio is (2.29). Operating cash flow was positive at Rs. 29.61 lakhs.
Headline profit growth masks deep financial stress. The unprovided contingent liability of Rs. 245+ crore dwarfs the company's Rs. 5.7 crore asset base, and negative net worth raises serious solvency and going-concern concerns. Shareholders face the risk of a massive call on the guarantee if Kohinoor Steel's insolvency proceeds unfavourably, and the qualified audit opinion (despite a separate declaration claiming an 'unmodified opinion') is a red flag on disclosure quality.