Audited Financial Results alongwith Segment, Independent Auditors Report for the Quarter and year ended 31st March 2025
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Dharani Finance Limited, an NBFC, reported audited results showing a strong turnaround for FY25. Total revenue from operations jumped to Rs. 142.43 lakhs from Rs. 79.24 lakhs in FY24, while profit after tax swung to Rs. 43.79 lakhs from a loss of Rs. 30.40 lakhs. Q4 FY25 revenue stood at Rs. 82.18 lakhs with PAT of Rs. 18.89 lakhs. Total assets rose to Rs. 1,018.78 lakhs and net worth improved to Rs. 948.35 lakhs. However, the statutory auditor issued a qualified opinion, flagging an unrecovered Inter-Corporate Deposit of Rs. 200 lakhs given in 2017 to Aryav Exports, on which no interest has been received. The auditor also explicitly flagged a material uncertainty on the company's ability to continue as a going concern, noting that provisioning the ICD could push net owned funds below the RBI's minimum threshold for NBFCs under Section 45-IA. This is the 8th consecutive year of qualification. The board also appointed internal and secretarial auditors and re-appointed the Chairman.
Despite the headline turnaround in profits, the qualified opinion and the explicit going-concern warning are significant red flags for shareholders. If the Rs. 272 lakhs stuck with Aryav Exports is written off, the company may fall short of RBI's mandatory capital norms for NBFCs, potentially threatening its licence. Investors should treat this as a high-risk situation pending clarity on recovery of dues and capital infusion plans.