The Board of Directors at their meeting held on 24.04.2025 has decided and approved to permanently close down the Electric Business Division of the Company which forms part of an insignificant ....
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The Board, at its meeting on 24 April 2025, approved audited financial results for Q4 and FY25 with an unmodified opinion from statutory auditor AMK & Associates. The company reported a net loss of Rs 54 lakh in FY25 (vs Rs 351 lakh loss in FY24), but operating cash flow turned negative at Rs 76 lakh versus positive Rs 76 lakh last year. A Rs 33 lakh exceptional item was booked relating to expenses from the earlier sale of the caustic soda manufacturing plant to Grasim Industries. The Board approved the slump sale of its Wind Mill Division (contributing 96% of turnover and 27% of net worth) to Vaishnav Infra Pvt Ltd for Rs 276 lakh, pending shareholder approval. It also permanently shut down the Electric Business Division, which contributed NIL revenue and was a non-operational unit. Additionally, Puja Guin was appointed as Company Secretary and Jaiswal A & Co as Secretarial Auditor for a 5-year term.
The wind mill sale is significant as it represents nearly all of the company's revenue base, effectively reshaping the business around its small chemical trading operations. Shareholders should watch for the AGM approval on 10 June 2025 and the use of Rs 276 lakh proceeds for working capital and expansion of chemical trading. The negative operating cash flow and ongoing losses, despite a smaller loss than last year, indicate the company remains financially stressed.