REVISED AUDITED FINANCIAL STATEMENT AS ON 31.03.2025.
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Deep Polymers has submitted revised audited results for FY25. Revenue from operations fell to Rs. 9,817.16 lakhs from Rs. 10,528.34 lakhs in FY24, a decline of about 6.7%. Standalone profit after tax dropped to Rs. 517.33 lakhs from Rs. 711.60 lakhs (down ~27%), with EPS at Rs. 2.11 versus Rs. 3.03. Consolidated PAT stood at Rs. 512.92 lakhs. The statutory auditor, S. N. Shah & Associates, has issued a qualified opinion citing two issues: (1) Rs. 316.72 lakhs in trade receivables under legal recovery where no doubtful-debt provision was made, and (2) non-restatement of foreign currency assets/liabilities as required under Ind-AS 21. If the first qualification is adjusted, net profit drops sharply to Rs. 200.61 lakhs and EPS to just Rs. 0.81. This is the first time this qualification has appeared. The original results were approved on 28 May 2025; this revised version was filed on 19 June 2025.
The auditor's qualified opinion is a clear red flag for shareholders — the reported profit could be overstated by roughly Rs. 317 lakhs (about 60% of reported PAT). Investors should treat headline earnings with caution and monitor whether the company eventually recovers these receivables or has to write them off.