Audited Standalone and Consolidated Financial Statement as on 31.03.2025
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Fratelli Vineyards (formerly Tinna Trade Limited) reported its first full-year consolidated results after acquiring 100% of Fratelli Wines Private Limited in April 2024, which triggered a business transformation and name change in July 2024. Consolidated revenue from operations fell sharply to ₹30,209.66 lakhs in FY25 from ₹45,107.48 lakhs in FY24, a drop of about 33%, mainly due to reduced trading in agro commodities and steel abrasives. The company swung to a consolidated net loss of ₹1,706.26 lakhs in FY25 versus a profit of ₹886.98 lakhs in FY24, with loss before tax of ₹2,269.40 lakhs. The wine manufacturing segment, now the core business, posted a segment loss of ₹1,048.75 lakhs on revenue of ₹17,844.09 lakhs. Operating cash flow turned negative at ₹(700.08) lakhs, and cash on hand dropped to ₹159.58 lakhs from ₹1,646.72 lakhs. The auditor issued an unmodified (clean) opinion with an emphasis of matter on the acquisition and restatement of prior periods under common control accounting.
Shareholders should note that the company has fundamentally repositioned itself into the wine business, but FY25 results show revenue contraction, a swing to losses, and cash burn. While the auditor gave a clean opinion and the company raised fresh equity to fund the acquisition, the weak segment performance and negative operating cash flow could weigh on the stock until the wine business demonstrates a clear path to profitability.