Outcome of Board Meeting and submission of Audited Financial Results for the half year and year ended March 31, 2025.
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On the reaction day the stock moved 4.9 pts less than Nifty Microcap 250 and 5.2 pts less than its Consumer Electronics peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Comrade Appliances Limited reported audited FY25 results with revenue from operations nearly doubling to Rs. 5,731.42 lakhs (FY24: Rs. 2,898.87 lakhs), a growth of about 98%. However, profit after tax was almost flat at Rs. 53.06 lakhs (FY24: Rs. 52.52 lakhs), as higher depreciation (Rs. 259.74 lakhs vs Rs. 108.35 lakhs) and finance costs (Rs. 194.12 lakhs) ate into margins. EPS stood at Rs. 0.69. The balance sheet expanded sharply with total assets rising to Rs. 7,345.23 lakhs on the back of major capex (PPE up to Rs. 2,373.76 lakhs from Rs. 601.58 lakhs). Long-term borrowings jumped to Rs. 1,173.12 lakhs (FY24: Rs. 180.17 lakhs), and a Rs. 517.75 lakh preferential issue was completed. Operating cash flow turned positive at Rs. 455.79 lakhs (FY24: negative Rs. 599.19 lakhs). The auditor issued an unmodified (clean) opinion, though the previous auditor NBT and Co resigned during the year.
Strong revenue growth driven by capacity expansion, but profitability has not kept pace as costs and depreciation surged, keeping earnings muted. Higher debt and large capex raise leverage concerns, though improving operating cash flow is a positive. Short-term stock reaction may be mixed given the divergence between topline growth and flat bottomline.