Appointment of Secretarial Auditor
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Forbes & Company announced audited FY25 results showing strong growth: standalone revenue from operations rose to Rs. 19,684 lakhs (from Rs. 12,345 lakhs in FY24), while net profit grew to Rs. 2,693 lakhs (from Rs. 2,034 lakhs), with EPS at Rs. 20.88 vs Rs. 15.77. Growth was driven mainly by the Real Estate segment, which nearly doubled its revenue to Rs. 16,550 lakhs. The Board also approved the appointment of Mr. Nirmal Jagawat as Additional Director and Whole-time Director for three years, while he ceases to be CFO, and appointed Makarand M. Joshi & Co. as Secretarial Auditor for five years. Auditors Sharp & Tannan gave an unmodified opinion, though flagged a going concern material uncertainty at subsidiary Forbes Macsa, which FCL has now made wholly owned by acquiring MACSA's 50% stake.
Strong FY25 earnings with profits up about 32% year-on-year are positive for shareholders, though much of the growth is lumpy real estate revenue. The CFO-to-Whole-time-Director transition is an internal succession move and not a red flag; the subsidiary NCLT proceedings and impairments are already disclosed events.