Submission of Outcome of Board Meeting held on Friday, 30th May, 2025
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The Board approved audited financial results for Q4 and full year ended 31st March 2025, along with appointment of M/s. N. Bagaria & Associates as Secretarial Auditors for FY24-25. For FY25, total income jumped to Rs. 278.21 lakh from Rs. 113.71 lakh a year earlier, and profit before tax surged to Rs. 146.40 lakh from just Rs. 2.36 lakh, lifting EPS to Rs. 0.58 (from Rs. 0.01). However, this growth was driven mainly by 'other income' of Rs. 149.28 lakh (largely interest income), which exceeded revenue from operations of Rs. 128.93 lakh. Q4 operating revenue actually collapsed to Rs. 8.81 lakh from Rs. 105.73 lakh in the previous quarter. The balance sheet shows new borrowings of Rs. 778.55 lakh and loans given rising sharply to Rs. 2,838.56 lakh. Statutory Auditor Valawat & Associates issued an unmodified (clean) opinion, but flagged that the Company Secretary is yet to be appointed and that the company will need NBFC registration since interest income now exceeds operating revenue.
Shares may react positively to the sharp jump in annual profits and clean audit, but the headline earnings are essentially interest-driven rather than from the core floriculture business, and Q4 operating revenue nearly vanished — a worrying sign for the underlying business. Pending NBFC classification and absence of a Company Secretary are governance and regulatory overhangs that investors should watch closely.