The Board of Directors at its Meeting held on 16th May 2025 has approved the Unaudited Financial Results for the half year ended 31st March 2025. As per Regulation 33 of Listing Regulations, ....
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The Board approved unaudited results for H2 FY25 (Oct 2024–Mar 2025) on 16 May 2025. Revenue from operations for the period was Rs 55.15 crore and profit after tax was Rs 3.52 crore, compared to Rs 30.27 crore revenue and Rs 2.49 crore PAT in H1 FY25. Total equity swung from a negative Rs 15.62 crore in Sept 2024 to positive Rs 13.26 crore in March 2025, driven by a Rs 46.5 crore preferential allotment to promoters and non-promoters. However, the auditor's Limited Review Report flagged severe concerns: (1) loan defaults of about Rs 6.22 crore to Axis Bank, Deewan Housing, and Acme Resource with the accounts classified as NPAs and a pending DRT suit by Axis Bank; (2) related-party loans of Rs 3.93 crore to relatives of directors who were also allottees of the preferential warrants, raising potential Section 185 violation; (3) Rs 5.76 crore out of Rs 5.92 crore of immovable assets lack proper title deeds in the company's name; and (4) negative operating cash flow of Rs 4.55 crore in H2 FY25.
Despite headline profits, the auditor's report paints a picture of serious financial distress — NPA-classified debt, ongoing bank litigation, weak asset documentation, and related-party governance failures. Shareholders should treat the turnaround in equity as dependent on the preferential allotment rather than organic recovery, and the company remains vulnerable to going-concern risks if NPA resolution and asset title issues are not addressed.