Financial Results
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The board approved audited results for FY25. Total income rose to Rs 2,290.39 lakhs from Rs 1,810.86 lakhs in FY24, a growth of about 26%. Profit after tax increased to Rs 155.28 lakhs from Rs 114.18 lakhs (~36% growth), and EPS improved to Rs 10.21 from Rs 7.61. The auditor issued an unmodified opinion but included an Emphasis of Matter flagging that inventory records were inadequately maintained and inventory valuation as on March 31, 2025 could not be independently verified under AS-2. The auditor also disclosed that income tax liabilities for three assessment years (AY 2021-22, 2022-23 and 2023-24) remain unpaid. The company raised funds via a preferential issue of 140,500 shares and allotted 34,000 shares to promoters at a Rs 530 premium, pushing reserves to Rs 1,650.34 lakhs and cash balance sharply up to Rs 879.40 lakhs from Rs 24.26 lakhs. Operating cash flow was positive at Rs 243.51 lakhs. A new internal auditor, M/s Ronak Sejpal & Associates, was also appointed.
Strong revenue and profit growth along with a stronger balance sheet are positive for shareholders, but the auditor's emphasis of matter on weak inventory records and three years of unpaid income tax are governance red flags that may weigh on investor confidence.