Electrotherm (India) Limited has informed the Exchange about the Appointment of Secretarial Auditor
ELECTHERM · price
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The board, at its May 20, 2025 meeting, approved audited standalone and consolidated results for FY25. Revenue from operations dipped to Rs 4,115.37 cr (from Rs 4,271.50 cr in FY24), but standalone net profit after exceptional items rose to Rs 428.60 cr from Rs 319.43 cr, boosted by a Rs 106.78 cr exceptional gain from debt settlements with lenders. The board also appointed M/s. Bharat Prajapati & Co. as Secretarial Auditor for a 5-year term (FY26–FY30) and M/s. V.H. Savaliya & Associates as Cost Auditor for FY26, and cleared a postal ballot to appoint Mr. Tushar Jani as Director and Whole-time Director. The statutory auditor issued a qualified opinion because the company has not provided for roughly Rs 131.80 cr (standalone) / Rs 172.41 cr (consolidated) of interest on NPA loan accounts, understating liabilities by over Rs 1,212 cr. Notes also reveal a Directorate of Enforcement search in January 2025 under PMLA against the company and promoter Mr. Shailesh Bhandari, with Rs 34.29 cr frozen in bank accounts, and a Bhandari Family Settlement Agreement under which the Mukesh Bhandari family will exit and transfer shares to Mr. Shailesh Bhandari.
Despite the headline profit jump, the underlying picture is weak: other equity remains deeply negative (Rs -126 cr standalone, Rs -581 cr consolidated), the auditor flagged overstated profits and understated liabilities, and a serious PMLA investigation into the promoter is ongoing. Shareholders should treat the FY25 profit with caution and watch the ED matter and ongoing debt-NPA issues closely.