The 32nd Annual Report of the Company for the financial year 2024-25
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Gujarat Credit Corporation Ltd filed its 32nd Annual Report for FY 2024-25 along with the notice for the AGM scheduled on September 30, 2025. The company reported zero revenue from operations for the year, with other income falling to Rs. 17.02 lakhs from Rs. 22.89 lakhs last year. Total expenses more than doubled to Rs. 45.37 lakhs, pushing the company into a standalone pre-tax loss of Rs. 28.35 lakhs versus a small profit of Rs. 2.33 lakhs earlier. On a consolidated basis, total comprehensive loss widened sharply to Rs. 86.55 lakhs from Rs. 8.78 lakhs, driven by a Rs. 60.01 lakh share of losses from its associate GCCL Infrastructure & Projects Ltd. No dividend was declared. The report also flags that the Income Tax Department conducted a search at the company's registered office from May 14-17, 2025, which halted operations during that period, with potential liability yet to be ascertained. Two independent directors resigned on September 4, 2025, and two new directors were appointed, along with proposals to re-appoint another independent director and appoint a new secretarial auditor for a five-year term.
Shareholders should note the continued absence of operating revenue, rising expenses, and a deeper consolidated loss, which together raise concerns about the company's earnings power. The unresolved income tax search adds a layer of uncertainty that could affect future financials.