Electrosteel Castings Limited has informed the Exchange regarding Outcome of Board Meeting held on May 10, 2025.
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The Board approved audited standalone and consolidated financial results for Q4 and FY ended March 31, 2025. Consolidated total income for FY25 stood at Rs. 7,44,307.82 lakhs vs Rs. 7,47,801.13 lakhs in FY24, with net profit (incl. OCI) of Rs. 70,720.70 lakhs vs Rs. 73,989.11 lakhs last year. A final dividend of Rs. 1.40 per share (140%) on Re. 1 face value has been recommended. Mr. Rajkumar Khanna was re-appointed as Independent Director for a second 5-year term from June 15, 2025, and M/s MKB & Associates was appointed as Secretarial Auditor for 5 years. The statutory auditor (Lodha & Co LLP) issued a qualified opinion on the consolidated results, citing three recurring unresolved matters: the Parbatpur coal block cancellation where the company has claimed Rs. 1,54,944.48 lakhs in compensation, the pledged equity in ESL Steel pending before the Kolkata High Court, and the disputed mortgage of Elavur plant land pending before DRAT and the Madras High Court.
Shareholders get a healthy 140% dividend, but the qualified audit opinion flags long-standing legal uncertainties worth over Rs. 1,500 crore in coal block compensation claims plus ongoing disputes over pledged ESL Steel shares and mortgaged Elavur land, which could materially impact the books once resolved.