This is to inform that at the meeting of the Board of Directors of the Company held today the following items were considered and approved. 1] Audited Standalone and Consolidated ....
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Global Offshore Services Ltd's board approved audited results for FY25 on May 23, 2025 with an unmodified auditor opinion from D. Kothary & Co. Standalone revenue from operations rose to Rs. 3,274.96 lakhs (vs Rs. 2,995.83 lakhs in FY24), but the company still reported a standalone net loss of Rs. 796.09 lakhs, though much improved from Rs. 12,095.21 lakhs loss last year (which had a massive Rs. 11,459.17 lakhs exceptional charge). On a consolidated basis, the company swung to a net profit of Rs. 364.95 lakhs vs Rs. 3,767.19 lakhs last year (which included a one-time Rs. 4,688 lakhs gain from deconsolidation). The company raised Rs. 4,819.39 lakhs via share/warrant issuance, growing paid-up capital from Rs. 26.29 cr to Rs. 30.64 cr, and ending the year with Rs. 3,487 lakhs in cash. However, the auditor flagged concerns: subsidiary Garware Offshore International Services Pte. Ltd has negative net worth of Rs. 934.65 lakhs casting going-concern doubt, and its auditor issued a qualified opinion on a Rs. 770.78 lakhs loan due to insufficient audit evidence.
Loss-making standalone operations continue, though equity infusion and lower exceptional charges improved headline numbers. The going-concern flag and qualified opinion on the Singapore subsidiary are red flags that shareholders should watch, even as the parent-level numbers look healthier on the surface.