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Awaiting price reaction for this filing.
Glittek Granites reported audited FY25 results showing a profit after tax of Rs. 657.51 lakhs, swinging from a loss of Rs. 609.47 lakhs last year. However, this profit was driven almost entirely by Rs. 3,126.28 lakhs in 'Other Income' from selling its factory land, building, plant & machinery, and old inventory at scrap value. Core revenue from operations collapsed about 70% from Rs. 689.51 lakhs to Rs. 203.63 lakhs. The company repaid nearly all its bank loans (long-term borrowings fell from Rs. 456.86 lakhs to Rs. 27.94 lakhs). It also wrote off Rs. 86 lakhs in old debtors and has not paid MSME interest as required by law. Other equity remains negative at Rs. (175.41) lakhs. Auditor gave an unqualified opinion but flagged an Emphasis of Matter covering these asset sales, old inventory clearance, and MSME non-compliance.
The headline profit is misleading — it reflects a one-time exit from manufacturing, not a turnaround. With the factory sold and core revenue shrinking sharply, shareholders should question whether the company has a sustainable business going forward. The stock may see short-term positive reaction to the 'profit', but underlying operations appear to be winding down.