Audited Standalone and Consolidated Financial Results for the Half Year and Financial Year ended March 31, 2025
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Cosmic CRF reported strong FY25 standalone results with revenue from operations rising to Rs. 30,163.70 lakh (vs Rs. 25,317.69 lakh in FY24, ~19% growth) and profit after tax surging to Rs. 1,870.25 lakh (vs Rs. 1,275.49 lakh, ~47% growth), pushing EPS to Rs. 22.65. Operating profitability improved, with PBT rising to Rs. 2,511.22 lakh from Rs. 1,570.40 lakh. The company acquired two subsidiaries during the year — N.S. Engineering Projects (74%) and Cosmic Springs & Engineers (~92%) — making this the first year of consolidated reporting, where consolidated revenue came in at Rs. 40,163.23 lakh and consolidated PAT at Rs. 3,082.57 lakh (including an exceptional item of Rs. 591.58 lakh). The auditor issued an unmodified opinion, IPO proceeds were utilised without deviation, and the expansion project was completed and commenced production. However, operating cash flow was deeply negative at Rs. (7,996.81) lakh on a standalone basis (vs Rs. (2,501.00) lakh prior year) due to working capital expansion and a contingent liability of Rs. 1,034.33 lakh remains pending arbitration.
Strong top-line and bottom-line growth, along with margin expansion and a clean audit opinion, are positives for shareholders. However, the significantly negative operating cash flow, sharp rise in short-term borrowings, and large pending arbitration liability are concerns that investors should weigh alongside the headline profit growth.