Pursuant to Regulation 33 of SEBI (LODR) Regulations, 2015 we are enclosing a copy of Audited Financial Results (standalone and consolidated) for the quarter and year ended March 31, 2025 ....
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Ironwood Education reported standalone revenue from operations of Rs 187.43 lakhs for FY25, up about 18% from Rs 158.42 lakhs in FY24, though other income fell sharply to Rs 35.52 lakhs from Rs 66.52 lakhs. The company swung to a much wider net loss of Rs 1,028.12 lakhs in FY25 versus Rs 555.41 lakhs in FY24, largely driven by exceptional items totaling Rs 950.72 lakhs. These exceptional items include a Rs 826.70 lakh impairment provision against its investment in Dubai-based subsidiary EMDI (Overseas) FZ LLC and a Rs 124.02 lakh loss on sale of shares in Maple Leaf Trading and Services. The statutory auditor A.T. Jain & Co. issued an unmodified (clean) opinion on both standalone and consolidated results. The consolidated audit report carries an Emphasis of Matter note flagging accumulated losses at the EMDI subsidiary, which was still consolidated on a going concern basis.
The stock remains loss-making with losses widening materially, primarily due to write-downs on its overseas subsidiary rather than core operations. Shareholders should note the heavy impairment charges, the dilution from issuing 71.6 lakh new shares to acquire Trio Infrastructure (real estate business), and the going concern overhang on the Dubai subsidiary. Near-term stock sentiment is likely to be negative given the larger-than-before losses, despite a clean audit opinion.