Audited Financial Results for March 31, 2025
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Gujarat Natural Resources Ltd reported audited results for FY25 with a sharp divergence between standalone and consolidated numbers. On a standalone basis, revenue from operations fell sharply to Rs. 70.40 lakhs from Rs. 224.44 lakhs in FY24 (~69% decline), but a large jump in other income (Rs. 244.28 lakhs vs Rs. 0.70 lakh) helped the company swing to a small profit of Rs. 18.36 lakhs versus a loss of Rs. 513.86 lakhs last year. On a consolidated basis, revenue declined to Rs. 20.05 crore from Rs. 27.40 crore (~27% lower), and the company continued to post a loss of Rs. 376.03 lakhs (vs Rs. 388.04 lakhs). The auditors (GMCA & Co.) issued an unmodified (clean) opinion on both sets of results. Operating cash flow remained deeply negative on both standalone (Rs. -45.87 crore) and consolidated (Rs. -30.43 crore) bases, although share capital rose from Rs. 8.03 crore to Rs. 12.84 crore via a preferential issue. One allottee (Shanti Fuelpetro Chemtech) backed out of the convertible warrant issue, trimming total proceeds from Rs. 75.95 crore to Rs. 54.25 crore, and the Solar/Wind/Hybrid project allocation of Rs. 20 crore was dropped.
The standalone turnaround is largely driven by one-off other income and not from core operations, while the consolidated business remains loss-making with weak cash generation — so the headline PAT improvement may not be sustainable. Shareholders should note the reduced fund-raising size and dropping of the renewable energy project, which narrows the company's growth plans.