The Board of Directors at its meeting held today i.e. Tuesday, 27th May, 2025 considered and approved the Audited Financial Results for the Quarter and Year ended March 31, 2025
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On the reaction day the stock moved 1.6 pts less than Nifty Microcap 250 and 1.7 pts less than its Power Generation peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The board approved audited financial results for Q4 and FY25. Revenue from operations for FY25 was nearly nil at Rs 0.07 lakhs, down sharply from Rs 4.31 lakhs in FY24, indicating the core business is practically non-operational. The company reported a profit after tax of Rs 354.13 lakhs for FY25 (vs Rs 675.13 lakhs in FY24), but this was entirely due to a one-time exceptional gain of Rs 402.53 lakhs — pre-exceptional loss before tax was Rs 48.40 lakhs. The balance sheet shows deeply negative other equity of Rs (9,080.87) lakhs, meaning the company has negative net worth. Trade receivables stand at Rs 818.10 lakhs and cash balance is just Rs 2.60 lakhs. Operating cash flow was positive at Rs 361.50 lakhs, but again driven by provision write-backs rather than real business. The auditor issued an unmodified opinion. The board also appointed M/s Soniya Gupta & Associates as Secretarial Auditor for 5 years and re-appointed M/s KYNJ & Co. as Internal Auditor for FY26.
For shareholders: The reported profit is misleading — it comes solely from exceptional/write-back items, not from operations. With near-zero revenue, persistent operating losses, and negative net worth of over Rs 90 crore, the company faces serious going-concern risks. Stock price reaction is likely to be negative or muted as the underlying business remains inactive.