Outcome of Board Meeting held on 14th August, 2025
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Duke Offshore Ltd's board, at its meeting on 14 August 2025, approved the unaudited financial results for Q1 FY26 (quarter ended 30 June 2025). Revenue from operations came in at Rs 6.93 lakhs versus nil in the same quarter last year, but other income dropped sharply from Rs 68 lakhs to Rs 6.50 lakhs, pulling total income down to about Rs 6.50 lakhs from Rs 74.93 lakhs year-on-year. Total expenses stood at Rs 46.06 lakhs, leading to a loss before tax of Rs 39.56 lakhs, wider than the Rs 23.97 lakh loss in Q1 FY25. Loss per share stood at Rs 0.40 (vs Rs 0.24). Statutory auditors Kirtane & Pandit LLP issued an unmodified review report, though the report references a previous auditor who had reviewed prior period figures, indicating an auditor change.
Continued losses, a steep fall in total income, and negative other equity of Rs 507.47 lakhs as of FY25 suggest ongoing financial stress, which is negative for shareholders. The unmodified auditor opinion is reassuring, but the change of statutory auditor mid-cycle is a point worth watching.