This is to inform you that pursuant to Regulation 30 and 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulation 2015, the Board of Directors of the Company at its Meeting ....
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Awaiting price reaction for this filing.
Glittek Granites reported audited results for FY25 showing a net profit of Rs. 657.51 lakhs, swinging from a loss of Rs. 609.47 lakhs in FY24. However, this profit is largely driven by one-time gains, not core business. The company sold its factory land and building, scrapped old inventory, and wrote off old debtors. Other Income surged to Rs. 3,126 lakhs (vs Rs. 16 lakhs last year), reflecting these asset sales. Real revenue from operations actually collapsed from Rs. 689.51 lakhs to Rs. 203.63 lakhs, a steep ~70% decline. Old granite stock worth Rs. 1,842 lakhs was sold as scrap for just Rs. 157 lakhs, resulting in massive inventory write-downs. The auditor gave an unqualified (clean) opinion but flagged an Emphasis of Matter covering the asset sales, scrap sales (with portions received in cash), debtor write-offs, and non-payment of MSME interest. Borrowings dropped sharply as sale proceeds were used to repay bank loans.
Shareholders should note that the headline return to profitability is misleading — it comes from selling off the company's factory and old stock, not from a recovering granite business. Core operations have weakened significantly with revenue falling ~70%, suggesting the company may be winding down manufacturing. The stock price could be volatile as the market digests that the underlying business is shrinking despite the reported profit.