AFR for FY 2024-25
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International Combustion (India) Ltd reported FY25 revenue from operations of Rs. 29,298.11 lakh, down about 1.3% from Rs. 29,678.31 lakh in FY24. Total expenses rose to Rs. 28,089.83 lakh (vs Rs. 26,656.37 lakh) on higher input material and operating costs. Profit before tax fell sharply to Rs. 1,358.12 lakh from Rs. 3,206.88 lakh, a drop of nearly 58%. Net profit for the year stood at Rs. 1,252.93 lakh vs Rs. 1,995.41 lakh, while EPS (basic) came in at Rs. 52.42. The company booked an extraordinary item of Rs. 280.89 lakh from extinguishment of tenancy rights at its erstwhile Worli, Mumbai branch, taking post-extraordinary net profit to Rs. 1,494.82 lakh. The board has recommended a 40% dividend (Rs. 4 per share). Statutory auditors Ray & Ray issued an unmodified opinion with an emphasis-of-matter note on the extraordinary income.
Sharply weaker profitability despite stable revenue is a negative for shareholders — margins compressed meaningfully and earnings are propped up partly by a one-time extraordinary gain. However, the company remains debt-light, declared a healthy dividend, and reported positive operating cash flow, offering some comfort.