Integrated Financials for 31.03.2025
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Jet Solar Limited (formerly Jet Infraventure Limited, renamed in October 2024) reported audited results for FY25. Revenue from operations fell sharply to Rs. 18.60 lakhs from Rs. 54.41 lakhs in FY24, a drop of roughly 66%. Total income rose to Rs. 130.50 lakhs (vs Rs. 60.87 lakhs) mainly due to a jump in other income to Rs. 76.09 lakhs. Profit after tax for the year slipped to Rs. 4.04 lakhs from Rs. 5.95 lakhs, with EPS at Rs. 0.04 vs Rs. 0.14. The second half alone turned negative with a loss of Rs. 16.44 lakhs. Operating cash flow was deeply negative at Rs. -246.14 lakhs versus Rs. -29.46 lakhs last year. The company raised funds through preferential allotments, lifting share capital to Rs. 1,005.20 lakhs and reserves to Rs. 685.51 lakhs. Statutory auditor Mittal & Associates issued an unmodified opinion.
The sharp fall in core revenue and steep negative operating cash flow are red flags despite the equity raise. Shareholders should note that profitability is now propped up by other income rather than operations, and the company is relying on fresh capital infusions to sustain itself.