Annual Report of Financial Year 2024-25 - Gabriel Pet Straps Limited
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Gabriel Pet Straps Limited, a BSE SME-listed manufacturer of PET (polyester) packaging straps, submitted its FY 2024-25 annual report. Total revenue surged 187.73% YoY to ₹3,084.38 lakhs (from ₹1,071.97 lakhs in FY 2023-24), and Profit After Tax (PAT) jumped ~140% to ₹155.81 lakhs (from ₹65.08 lakhs). Operating profit (PBDIT excluding other income) doubled, rising 207.4%. EPS rose to ₹2.78 from ₹2.46. However, margins came under pressure from higher input and financing costs, and operating cash flows turned negative due to working capital intensity. Post year-end, the company incorporated Gabriel Ingrevia Limited as a wholly-owned subsidiary and approved preferential allotments totalling roughly ₹90 crore (19.95 lakh shares plus 15.3 lakh warrants at ₹256 each). The company also extended substantial loans to directors and promoter-related entities; the auditor flagged one such director loan as a technical contravention of Section 185 of the Companies Act (since repaid). No dividend was declared.
Strong top-line and profit growth reflect successful post-IPO scale-up, but margin compression and negative operating cash flows are concerns for sustainability. The auditor's comment on Section 185 contravention and significant related-party lending raise minor governance flags, though amounts were repaid. The planned ₹90 crore capital raise could dilute existing shareholders but fund capacity expansion and the new subsidiary.