Outcome of Board Meeting
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Garnet International Ltd reported its audited standalone and consolidated financial results for FY25, approved by the Board on May 30, 2025. Standalone total income fell sharply to Rs. 326.63 lakhs from Rs. 1,966.39 lakhs in FY24, though the company swung to a small standalone net profit of Rs. 9.73 lakhs (vs. a loss of Rs. 140.64 lakhs). On a consolidated basis, net profit was Rs. 153.46 lakhs (vs. a loss of Rs. 598.40 lakhs), helped by a Rs. 136.40 lakh share of profit from an associate. Statutory auditor Sarda Soni Associates LLP issued a qualified (modified) opinion on both sets of results, flagging non-provision of interest on inter-corporate loans of Rs. 547.02 lakhs and borrowings of Rs. 300 lakhs, plus interest-free loans to a subsidiary in violation of Section 186(7). An Emphasis of Matter was also raised on Rs. 228.71 lakhs of trade receivables stuck in NCLT proceedings and unconfirmed balances. The company raised Rs. 884.25 lakhs in February 2025 via allotment of 27 lakh warrants (25% upfront of a Rs. 3,537 lakh preferential issue).
Despite the swing to profit, the steep revenue drop, repeated qualified audit opinion, and exposure to NCLT-bound receivables are red flags that may weigh on investor confidence. The Rs. 884 lakh warrant proceeds strengthen near-term liquidity, but pending conversion of the remaining 75% over 18 months will be a key watchpoint.