Outcome of Board Meeting and submission of Audited Financial Results for the half year and year ended March 31, 2025
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The Board approved audited financial results for the half year and full year ended March 31, 2025, with a clean (unmodified) audit opinion from Suvarna & Katdare. Revenue from operations nearly doubled to Rs 5,731.42 lakhs (vs Rs 2,898.87 lakhs in FY24), a growth of about 98%. However, profit after tax was almost flat at Rs 53.06 lakhs (vs Rs 52.52 lakhs) as depreciation surged to Rs 259.74 lakhs and finance costs rose to Rs 194.12 lakhs, weighing on margins. The balance sheet expanded sharply with property, plant and equipment jumping to Rs 2,373.76 lakhs (from Rs 601.58 lakhs) and long-term borrowings climbing to Rs 1,173.12 lakhs (from Rs 180.17 lakhs), reflecting heavy capex funded largely by debt and a preferential issue. The statutory auditor NBT and Co resigned during the year, with Suvarna & Katdare taking over.
Strong top-line growth is positive, but bottom-line pressure from higher depreciation and finance costs, rising debt, and weak internal audit systems (flagged by auditor) may concern investors. Watch margin trajectory and debt servicing in coming quarters.