Audited Financial Results for the quarter and financial year ended March 31, 2025 <BR>
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DhanSafal Finserve reported FY25 total revenue of Rs. 516.99 lakhs, nearly tripling from Rs. 165.43 lakhs in FY24, driven by interest income and loan book expansion. However, profit after tax fell to Rs. 37.14 lakhs from Rs. 60.59 lakhs as expenses surged — employee costs rose over 5x to Rs. 148.41 lakhs and other expenses jumped nearly 6x to Rs. 251.99 lakhs, squeezing margins. The company raised Rs. 2,811.60 lakhs through a rights issue during the year, and post year-end allotted 8.66 crore convertible warrants at Rs. 24.31 each, raising another Rs. 37.33 crores (with 25% received upfront). Loan book grew over 100% quarter-on-quarter, and total assets expanded 4x to Rs. 6,733 lakhs. The auditor (RSRV & Associates) issued an unmodified opinion on the results.
Strong revenue and loan book growth signal business expansion, but the sharp PAT decline and heavily negative operating cash flow of Rs. (3,397.71) lakhs point to cost pressures and cash burn from lending activity. Existing shareholders should note significant potential dilution from the convertible warrants issued at a premium.