Financial results for the quarter and financial year ended March 31, 2025
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Gokak Textiles reported deeply negative FY25 results on a consolidated basis, with revenue from operations falling to Rs. 9,847.21 lakhs from Rs. 13,105.90 lakhs in FY24, a decline of roughly 25%. The company posted a net loss of Rs. 4,273 lakhs for FY25, wider than Rs. 1,943 lakhs loss in FY24, after booking exceptional charges of Rs. 1,213.36 lakhs related to debt refinancing costs (Rs. 879.63 lakhs) and losses from five fire incidents at its solar power plant that damaged up to 20 MW of the 40 MW capacity. Loss per share worsened to Rs. (68.37) from Rs. (23.48). The statutory auditors (Batliboi & Purohit) issued an unmodified opinion but flagged a Material Uncertainty Related to Going Concern, noting accumulated losses of Rs. 28,081 lakhs, fully eroded net worth, and current liabilities exceeding current assets by Rs. 3,896 lakhs. Continuity is dependent on continued support from parent Shapoorji Pallonji and Company Pvt Ltd (SPCPL).
For shareholders, this is a deeply concerning report: the business is loss-making, net worth is wiped out, and survival hinges on the Shapoorji Pallonji parent group. While operating cash flow was actually positive (helped by working capital releases and a one-time litigation provision write-back), the equity is essentially worthless on paper and the stock carries significant going-concern risk.