Audited Standalone and Consolidated Financials for FY 2025

Qualified audit opinionEmphasis of matterRevenue declinedProfit growth above 25%Negative operating cash flowRelated-party transactionsResults View source PDF Explain this filing

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AI summary

Garnet International Ltd reported its audited results for the quarter and year ended March 31, 2025, with a qualified opinion from auditors Sarda Soni Associates LLP. On a standalone basis, total income fell sharply from Rs. 1,966.39 lakhs in FY24 to Rs. 326.63 lakhs in FY25, though the company swung to a small profit of Rs. 9.99 lakhs (from a Rs. 141.41 lakh loss last year), giving EPS of Rs. 0.05. On a consolidated basis, revenue dropped to Rs. 873.46 lakhs from Rs. 2,032.99 lakhs, but profit jumped to Rs. 155.34 lakhs (from a Rs. 598.40 lakh loss), helped by an exceptional item of Rs. 544.37 lakhs. The auditor flagged non-provisioning of interest on inter-corporate loans (Rs. 547.02 lakhs), borrowings (Rs. 300 lakhs) and an interest-free loan to a subsidiary, along with Rs. 228.71 lakhs of trade receivables tied up in NCLT cases. Net operating cash flow was negative at Rs. 316.09 lakhs standalone and Rs. 282.55 lakhs consolidated. The company also allotted 27 lakh warrants at Rs. 131 in February 2025, with the balance 75% to be received within 18 months.

Likely market impact

The qualified opinion and unresolved NCLT-related receivables are negative signals for shareholders, while the swing to profit and warrant-driven capital raise suggest management is strengthening the balance sheet. Expect cautious near-term sentiment due to weak revenues, negative operating cash flow and recurring audit qualifications.