Submission of Audited Financial Results for the Quarter and Year Ended 31.03.2025
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Hazoor Multi Projects reported a sharp standalone decline for FY25, with revenue from operations falling to Rs 39,475.68 lakhs from Rs 48,985.04 lakhs (down about 19%). Profit after tax collapsed to Rs 1,409.35 lakhs from Rs 5,487.50 lakhs (around 74% drop), while depreciation jumped to Rs 1,763.87 lakhs and finance costs to Rs 285.53 lakhs. On a consolidated basis, revenue grew to Rs 63,768 lakhs from Rs 54,455.64 lakhs (~17%), but PAT fell to Rs 3,997.59 lakhs from Rs 6,376.95 lakhs. The balance sheet expanded sharply, with total assets rising to Rs 85,212 lakhs, driven by a new subsidiary acquisition (Rs 12,686.90 lakhs), toll rights acquisition (Rs 8,771.52 lakhs), and a big jump in trade receivables and payables. Net operating cash flow turned negative at Rs -4,946.12 lakhs versus positive Rs 6,961.45 lakhs last year. The board recommended a 20% final dividend and approved a proposal to list on the NSE Main Board.
Despite a clean (unmodified) audit opinion, shareholders should note the steep standalone earnings fall and the significant negative operating cash flow, which was offset by equity raises and borrowings. The proposed NSE Main Board migration and dividend may attract short-term attention, but the heavy working capital build-up and major acquisitions warrant close scrutiny on future returns.