AUDITED FINANCIAL RESULT
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Duke Offshore reported deeply negative results for FY25, with revenue from operations crashing to Rs 6.93 lakh from Rs 413.54 lakh in FY24 (a drop of about 98%). The company swung from a profit of Rs 123.90 lakh in FY24 to a loss of Rs 219.77 lakh in FY25, translating to an EPS of Rs -2.28 versus Rs 1.26. Other equity turned more negative at Rs -507.47 lakh (vs Rs -283.12 lakh), while cash and equivalents fell sharply to Rs 6.71 lakh from Rs 52.22 lakh. Cash used in operating activities was Rs 33.92 lakh, and the board approved related party transactions for FY25, appointment of a new internal auditor, and accepted the resignation of statutory auditor SCMK & Co LLP on completion of their five-year term. The statutory auditor issued an unmodified (clean) opinion on the results.
Shareholders face a sharply deteriorating financial picture — near-zero core revenue, mounting losses, negative net worth, and dwindling cash reserves raise serious concerns about the company's near-term viability and warrant close monitoring, even though the auditor's opinion remains unmodified. The auditor change is a routine rotation under the Companies Act and not a red flag by itself.