Ind-Swift Limited has submitted to the Exchange, the financial results for the period ended March 31, 2025.
Awaiting price reaction for this filing.
Ind-Swift Limited reported FY25 revenue from operations of Rs. 51,523 lakhs, up about 2.6% from Rs. 50,225 lakhs in FY24, but core profit before exceptional items actually fell to Rs. 794 lakhs from Rs. 1,206 lakhs. The headline PAT of Rs. 28,345 lakhs (vs Rs. 1,423 lakhs in FY24) is almost entirely driven by massive exceptional items of Rs. 27,997 lakhs in FY25, which the company describes as balance write-backs/written-offs that were no longer payable or receivable. The company also booked a Rs. 2,873 lakh profit on sale of Unit-III plant to ANG Lifesciences. The auditor (Jain & Associates) issued an unmodified opinion but flagged several Emphasis of Matter notes: pending NCLT order on the amalgamation with Ind Swift Laboratories, sale of Unit-IV land, sale of Dairy Unit, and an ongoing legal matter where Central Bank of India has not withdrawn its 'wilful defaulter' notice despite assigning the debt to an ARC. The balance sheet still shows negative reserves of Rs. (41,316) lakhs and total borrowings of about Rs. 87,375 lakhs.
The reported profit surge is misleading as it is driven by one-time write-backs rather than improved operations—underlying profitability actually deteriorated. Persistent negative net worth, high borrowings, and unresolved wilful defaulter tag keep credit and equity risk elevated, while the pending NCLT ruling on the ISLL merger remains a key catalyst for shareholders.