ENCLSOED HEERWITH FR FOR YEAR ENDED 31/03/2025
Awaiting price reaction for this filing.
RRP Semiconductor Ltd (formerly GD Trading and Agencies Ltd) reported FY25 revenue from operations of ₹3,159.14 lakhs versus just ₹38 lakhs in FY24, an explosive jump driven primarily by a solar panel sub-contract with Telecrown Infratech. Profit before tax was ₹1,146.37 lakhs (vs ₹1.70 lakh loss) and net profit after tax was ₹846.37 lakhs (vs loss of ₹1.70 lakhs), with EPS of ₹5.99. However, Q4 FY25 standalone swung to a net loss of ₹159.49 lakhs, and the company disclosed it is reversing up to ₹8 crores of revenue from the disputed solar panel contract due to contractual disagreements. Operating cash flow was sharply negative at ₹(1,759.37) lakhs despite the reported profit, with trade receivables ballooning to ₹2,415 lakhs from just ₹38 lakhs. The auditor gave an unmodified (clean) opinion but flagged an unresolved matter: BSE revoked listing approval related to promoter Shree Vindhya Paper Mills, against which the company has appealed to SAT (status quo order in place). The company also raised ₹1,623 lakhs via fresh equity and added ₹404 lakhs in borrowings.
Headline growth is impressive but quality is weak — revenue is largely tied to a disputed one-off contract being reversed, Q4 turned into a loss, receivables are massive against weak operating cash flow, and an unresolved BSE/SAT listing issue clouds the stock's trading status. Existing shareholders face heightened business and regulatory risk despite the optical profit surge.