Financial Results for the quarter and year ended 31st March 2025
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GHV Infra Projects Ltd (formerly Sindu Valley Technologies Ltd) reported its first full year of operating revenue after a change in control. Revenue from operations stood at Rs 18,488.48 lakhs for FY25 versus nil in FY24, driven by the new infrastructure construction business. Net profit for the year was Rs 1,714.59 lakhs (EPS of Rs 35.47), compared to a loss of Rs 43.47 lakhs in FY24. The company raised fresh capital during the year via preferential allotment of 1.37 crore equity shares in December 2024, bringing total equity to Rs 4,257.08 lakhs. Statutory auditor Manubhai & Shah LLP issued an unmodified opinion. The board also approved issuance of 38.5 lakh convertible warrants to promoters and non-promoters, and 16,000 optionally convertible debentures (OCDs) worth Rs 160 crore at 18% coupon, subject to shareholder approval at the EGM on 28 June 2025.
First-year operational profitability is positive for shareholders, but operating cash flow is deeply negative at Rs -5,562.66 lakhs due to large working capital build-up (high receivables and inventories). The fresh equity and proposed Rs 160 crore OCD raise aim to fund operations, but share dilution and 18% debt cost warrant attention from shareholders.