With reference to the captioned subject matter, we would like to inform you that the Board of Directors of the company at its meeting held today i.e. Wednesday 14th May, 2025 has inter ....
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Tavernier Resources Limited's board, at its meeting on May 14, 2025, approved audited financial results for Q4 and FY ended March 31, 2025, along with an unmodified (clean) auditor's opinion. Total income for FY25 rose to Rs. 293.65 lakhs from Rs. 151.14 lakhs in FY24, and the company swung to a profit of Rs. 266.35 lakhs compared to a loss of Rs. 29.75 lakhs in the previous year. However, core net sales actually fell sharply from Rs. 142.31 lakhs to just Rs. 25.95 lakhs, with most of the income coming from 'other income' (Rs. 267.70 lakhs), including a large doubtful-debt write-back of about Rs. 253.66 lakhs. The board also accepted the resignation of statutory auditor M/s. Parekh Sharma & Associates, who cited pre-occupation with other assignments; the auditor had been appointed for a 5-year term through 2028-29.
The headline profit turnaround looks strong but is largely driven by non-operating items like debt write-backs rather than core business growth, while net sales have collapsed. Combined with negative operating cash flow and an unexpected auditor resignation shortly after the audit, shareholders should treat the reported profit with caution until the sustainability of the earnings is clearer.