Outcome of the meeting of the Board of Directors held on Wednesday, 28th May, 2025
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The board approved audited standalone financial results for Q4 and FY25 along with an unmodified (clean) audit opinion from B.B. Gusani & Associates. Revenue from operations rose modestly to Rs. 2,148.67 lakhs in FY25 vs Rs. 2,056.74 lakhs in FY24, while net profit jumped sharply to Rs. 21.29 lakhs from Rs. 6.92 lakhs, helped by lower other expenses. The balance sheet shows total equity of Rs. 2,011.81 lakhs and current liabilities of Rs. 1,225.43 lakhs, with no outstanding loan defaults. A Rs. 1,744.88 lakhs preferential issue (Jan-Feb 2025) has been almost fully deployed (Rs. 1,725.88 lakhs) toward capital expenditure and working capital/general corporate purposes with no deviation reported.
Shareholders get a clean audit report and a near-tripling of annual profit, which is positive. However, the sharp jump in other current assets (Rs. 3,722.31 lakhs) and trade payables has pushed operating cash flow deeply negative at Rs. (2,214.89) lakhs, meaning profit is not translating into cash — the company is funding operations and creditors mainly via the recent preferential issue and short-term borrowings. Investors should note the strong earnings growth is largely non-cash and depends on collecting those large stuck current assets.