Enclosed herewith Audited Standalone and Consolidated Financial Results for the quarter and year ended March 31, 2025 along with Auditors Report
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Awaiting price reaction for this filing.
Hariyana Ship Breakers reported FY25 total income of Rs. 839.99 lakhs against Rs. 15,945.15 lakhs in FY24, a ~95% collapse as revenue from operations dropped to zero this year. Net profit for FY25 was Rs. 160.47 lakhs (standalone) versus Rs. 322.66 lakhs in FY24, a ~50% decline. The auditors (S.N. Shah & Associates and LLB & Co.) issued a Qualified Opinion, flagging non-provision for doubtful loans and advances of Rs. 1,319 lakhs; if adjusted, the company would swing from a profit to a loss of Rs. (1,158.54) lakhs and EPS would turn from Rs. 2.60 to Rs. (18.79). Operating cash flow turned negative at Rs. (155.94) lakhs (standalone) versus Rs. 15.53 lakhs last year, with bank overdrafts of Rs. 1,187 lakhs exceeding cash of Rs. 76 lakhs. The board also approved a new secretarial auditor (Dilip Bharadiya & Associates), cost auditor (Kewlani & Associates), and internal auditor (Amol Shah) for upcoming years.
Negative for shareholders — the 95% revenue collapse and qualified opinion (which would turn reported profit into a large loss) raise serious concerns about business continuity and recoverability of loans. The negative operating cash flow and cash position worse than prior year further weaken the near-term outlook.