Consolidated Audited Financial Results for the Quarter and Year Ended March 31, 2025.
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Eraaya Lifespaces reported consolidated revenue from operations of Rs. 1,48,052 lakhs for FY25 vs Rs. 126.54 lakhs in FY24, a massive jump driven by the acquisition of Ebix Inc. and its 51 global subsidiaries completed during the year. However, the company swung to a consolidated loss after tax of Rs. 31,202 lakhs (vs a profit of Rs. 34 lakhs in FY24), with loss attributable to owners at Rs. 35,872 lakhs and basic EPS at Rs. (20.55). The loss was amplified by exceptional items of Rs. 7,404 lakhs, high finance costs of Rs. 4,437 lakhs, depreciation of Rs. 9,562 lakhs, and tax expenses of Rs. 15,694 lakhs. Total assets surged from Rs. 1,380 lakhs to Rs. 4,09,643 lakhs post-Ebix acquisition, while borrowings stood at approximately Rs. 1,14,253 lakhs against equity of just Rs. 3,013 lakhs. The auditor issued an unmodified opinion but flagged multiple Emphasis of Matters including pending FCCB legal proceedings (USD 40 million unreceived), NCLT status quo order, contingent liability of Rs. 55.75 Cr on FCCB interest, and removal of Ebix's former CEO.
Shareholders should note the huge top-line growth is entirely inorganic from the Ebix acquisition, while profitability turned sharply negative with substantial losses and exceptional charges. The very high leverage, contingent FCCB liabilities, and ongoing NCLT/High Court proceedings create significant uncertainty around future earnings and capital structure, which could weigh on the stock.