FINANCIAL RESULTS-MARCH 31, 2025
GANGESSECU · price
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Ganges Securities Limited (a Birla group NBFC/investment company) announced its FY25 audited results. On a standalone basis, total revenue from operations fell to ₹786.95 lakhs from ₹1,068.58 lakhs in FY24 (a drop of about 26%), while net profit declined to ₹388.54 lakhs from ₹689.80 lakhs (down ~44%). On a consolidated basis (including wholly-owned subsidiary Cinnatolliah Tea Limited), total revenue rose to ₹3,798.26 lakhs from ₹3,482.08 lakhs, and net profit grew to ₹506.21 lakhs from ₹347.90 lakhs, though the Q4 standalone and consolidated quarters both reported losses. The board did not recommend any dividend for the year. A major concern disclosed is a misappropriation of ₹181.84 lakhs by the former CFO of subsidiary Cinnatolliah Tea Limited over FY23 to FY25, of which ₹101.86 lakhs was booked as an exceptional item in FY25 and ₹65.27 lakhs was reclassified for FY24, prompting restatement of prior periods under Ind AS 8.
Shareholders should note the standalone earnings decline and the Q4 quarterly losses, along with the governance red flag from the subsidiary's fund misappropriation, which led to an Emphasis of Matter in the auditor's report. The consolidated earnings growth is partly aided by restated comparatives. No dividend was declared, which may weigh on the stock sentiment.