Outcome of Board Meeting held on 29th May, 2025 for approval of audited financial results for the quarter and year ended 31st March, 2025 amongst other things.
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The board approved audited financial results for Q4 and FY ended March 31, 2025. Revenue from operations jumped to Rs. 1,523.16 lakhs in FY25 from just Rs. 0.01 lakhs in FY24, as the company pivoted to its food and beverages / cloud kitchen business. Continuing operations swung to a profit of Rs. 89.54 lakhs (before a Rs. 100 lakh exceptional arbitration settlement) versus a loss of Rs. 405.14 lakhs last year, though overall PAT remained negative at Rs. (329.08) lakhs due to losses of Rs. 418.61 lakhs from discontinued commissary units in Bangalore, Mumbai and Gurugram. The statutory auditor issued an unmodified opinion but flagged three Emphasis of Matter paragraphs covering going concern doubts, discontinued operations, and an undisclosed prior-year contingent liability of Rs. 10 lakhs. The board also cancelled the previously announced Rs. 50 crore rights issue (no funds were raised), approved a name change to 'Galaxy Cloud Kitchens Limited,' and appointed new secretarial auditors for five years.
Shareholders should note the serious going concern flag: networth is fully eroded (negative Rs. 1,977.61 lakhs), current liabilities (Rs. 3,121 lakhs) far exceed current assets (Rs. 862 lakhs), and the auditor has highlighted material uncertainty. The revenue turnaround in the new cloud kitchen business is encouraging, but the cancellation of the Rs. 50 crore rights issue removes a planned funding avenue, and the company remains dependent on alternative financing to sustain operations.