Outcome of the Board Meeting held on Wednesday, 28th May, 2025 and submission of Audited Financial Results (Standalone & Consolidated) for the Fourth Quarter and year ended on 31st March, 2025
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Awaiting price reaction for this filing.
Deep Polymers' board approved audited FY25 results on May 28, 2025. Standalone revenue from operations fell ~6.7% YoY to Rs. 9,817.18 lakhs (vs Rs. 10,528.34 lakhs in FY24), while standalone PAT declined ~27% to Rs. 517.33 lakhs (vs Rs. 711.60 lakhs). EPS dropped to Rs. 2.11 from Rs. 3.03. Q4 FY25 was sharper, with PAT at just Rs. 39.19 lakhs vs Rs. 118.53 lakhs a year ago (-67%). Operating cash flow remained healthy at Rs. 1,991.47 lakhs. Importantly, although the company's filing states the auditors issued an 'unmodified opinion', the actual auditor's report from S.N. Shah & Associates clearly states a 'Qualified Opinion', flagging (a) Rs. 316.72 lakhs of trade receivables under legal recovery not provided for as doubtful debts, and (b) non-restatement of foreign currency items per Ind-AS 21.
The sharp YoY decline in revenue and earnings, combined with a qualified auditor opinion on receivables and foreign-currency accounting, is a negative signal for shareholders and may pressure the stock in the short term. Investors should also note the discrepancy between the company's 'unmodified' claim and the auditor's actual qualified opinion.