Results - Financial year ended 31-03-2025
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Kamanwala Housing Construction reported a sharp turnaround in FY25, swinging from a net loss of Rs. 230.61 lakhs in FY24 to a net profit of Rs. 4,553.27 lakhs (standalone). Total income surged to Rs. 6,781.98 lakhs from Rs. 337.41 lakhs, but this jump was almost entirely driven by a one-time gain of Rs. 5,284.75 lakhs from the sale of fixed assets reflected in 'Other Income'. Core revenue from operations grew more modestly from Rs. 279.88 lakhs to Rs. 1,141.10 lakhs. EPS stood at Rs. 32.31 versus a negative Rs. 1.69 in FY24. The auditor (Vinod Kumar Jain & Co) issued a Qualified Opinion — for the fourth consecutive year — flagging that direct confirmations were not received for interest receivable balances of Rs. 2.12 crores. The company also reported negative cash flow from operations of Rs. 439.95 lakhs, though overall cash position improved to Rs. 4,439.95 lakhs due to the asset sale.
The headline profit is misleading for shareholders, as it is driven by a one-time asset sale rather than recurring business. Core real estate operations remain small and the company's operating cash flow is still negative. The fourth-time qualified audit opinion is a recurring governance concern that investors should track.