Audited Standalone and Consolidated Financial Results for the Quarter and Year ended March 31, 2025 along with Audit Report
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Forbes & Company reported strong FY25 results with revenue from operations rising to Rs. 19,684 lakhs from Rs. 12,345 lakhs in FY24 (about 59% growth), driven mainly by the Real Estate segment (Rs. 16,550 lakhs vs Rs. 9,237 lakhs). Profit after tax grew to Rs. 2,693 lakhs (vs Rs. 2,034 lakhs, ~32% higher), and EPS rose to Rs. 20.88 from Rs. 15.77. The Coding & Industrial Automation segment remained broadly flat. The board approved the appointment of CFO Nirmal Jagawat as Whole-time Director and named Makarand M. Joshi & Co. as Secretarial Auditors for five years. Statutory auditors gave an unmodified opinion, but flagged an Emphasis of Matter on subsidiary Forbes Technosys (CIRP initiated by NCLT) and a Material Uncertainty on Going Concern for subsidiary Forbes MACSA, which incurred a net loss of Rs. 178 lakhs. Net exceptional items of Rs. 202 lakhs were recorded, mainly property-tax provisioning and investment impairment.
Strong topline and bottomline growth on the back of real-estate recognition is positive for shareholders, but the going-concern flag on Forbes MACSA and ongoing CIRP at Forbes Technosys introduce subsidiary-level risk. Negative operating cash flow of Rs. 1,278 lakhs warrants monitoring despite the profit growth.