Revised results for the Financial Year Ended March 31, 2025
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CWD Ltd has filed revised audited results for FY25 after correcting clerical/typographical errors from the May 30, 2025 board meeting. Revenue from operations grew strongly to Rs. 3,290.32 lakhs from Rs. 2,098.05 lakhs in FY24, an increase of about 57%. Profit after tax more than doubled to Rs. 251.04 lakhs (standalone) from Rs. 113.30 lakhs, and EPS rose to Rs. 6.61 from Rs. 3.14. However, the company booked a large Provision for Doubtful Debts of Rs. 722.97 lakhs in the second half, and operating cash flow remained negative for the year. The auditor (DGMS & Co.) issued an unmodified opinion but flagged capitalization of development costs (Rs. 430.90 lakhs) as a key audit matter. During the year, the company converted warrants into 3,55,500 equity shares at Rs. 747 each, with funds fully utilised by March 31, 2025.
The restatement is for clerical corrections rather than substantive changes, which is mildly concerning for governance but not material. Strong top-line and bottom-line growth is positive, but the large doubtful-debt provision and continued negative operating cash flow signal cash collection problems that investors should monitor closely.