Audited Financial Result (Standalone and Consolidated) for the year ended 31st March, 2025
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GB Logistics Commerce Ltd, a logistics company that recently listed on BSE SME platform in January 2025 via an IPO of 24.57 lakh shares at Rs 102 each, has reported its first full-year audited results as a listed entity. On a standalone basis, revenue was nearly flat at Rs 64.85 crore versus Rs 64.45 crore last year, while profit after tax stayed roughly unchanged at Rs 3.61 crore; EPS dropped from Rs 7.17 to Rs 5.87 mainly because of the larger share count post-IPO. On a consolidated basis (including subsidiary Norbexi Industries Pvt Ltd), revenue surged about 78% to Rs 205.82 crore and PAT rose around 81% to Rs 8.81 crore, reflecting the addition of the trading segment via the subsidiary. The auditor (NKSC & Co) issued an unqualified opinion with no qualifications, emphasis of matter, or going concern issues. However, operating cash flow remained deeply negative at Rs -12.89 crore (standalone) and Rs -10.77 crore (consolidated), driven mainly by rising trade receivables and loans and advances, meaning profits are not yet converting into cash.
Shareholders should note that headline standalone performance is essentially flat, with growth coming entirely from the newly consolidated subsidiary. The persistent negative operating cash flow is a red flag for working capital management and could pressure liquidity if not addressed. On the positive side, the clean audit report, successful IPO, and strong consolidated growth provide a stable starting base for the listed entity.