Please find the attached Outcome of the Board Meeting held today i.e. Wednesday, 13th August, 2025.
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Cranex Ltd's Board of Directors met on August 13, 2025 (3:00 PM to 5:15 PM) and approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2025. Standalone revenue from operations stood at Rs. 898.31 lakhs vs Rs. 891.47 lakhs in Q1 FY25 (marginal ~0.8% growth), while net profit rose to Rs. 24.40 lakhs vs Rs. 20.42 lakhs (~19.5% growth), aided by lower raw material costs. Basic EPS came in at Rs. 0.37 and diluted EPS at Rs. 0.28 (warrant conversion of 22.1 lakh shares factored in). The statutory auditor issued a qualified/modified opinion on both sets of results, flagging issues such as non-production of PPE and inventory registers for verification, trade receivables/payables pending confirmation, financial assets not measured at fair value under Ind AS-109, and non-application of equity method for the joint venture (Shree-Cranex JV) under Ind AS-28. Consolidated results were nearly identical to standalone, with the associate (IFE Cranex Elevators & Escalators India Pvt Ltd) contributing a small loss of Rs. 0.21 lakhs.
Results show modest top-line growth but healthy bottom-line improvement driven by cost control; however, the auditor's qualified opinion highlights weak internal controls and verification gaps, which may concern investors focused on governance and accounting quality.