Appointment of Secretarial and Internal Auditor of the Company
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The board approved audited financial results for FY25, showing a sharp turnaround with revenue from operations jumping to ₹322.34 lakhs from just ₹25.43 lakhs in FY24, and a net profit of ₹100.39 lakhs versus a loss of ₹245.71 lakhs last year. EPS turned positive at ₹0.88. The statutory auditor issued a modified (qualified) opinion, flagging that inventory worth ₹377.49 lakhs is valued at cost instead of the lower of cost or net realizable value—this is the sixth consecutive year of the same qualification. The board also re-appointed M/s. Prachi Bansal & Associates as Secretarial Auditor for one year plus a five-year term (FY26–FY30), and re-appointed Mr. Omprakash Luthra (General Manager) as Internal Auditor for FY26. A bank loan has been declared an NPA, with no interest booked.
Positive earnings turnaround is a good sign, but the repeated audit qualification for six straight years and the NPA status on a bank loan are governance and asset-quality concerns shareholders should watch closely.