Outcome of Board Meeting for approval of audited Financial Results for the quarter and year ended 31st March 2025
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Kanel Industries' board approved audited results for Q4 and FY25 showing zero revenue from operations for the full year, with only Rs 0.51 lakh of other income in FY25 (vs Rs 0.28 lakh in FY24). Loss before tax narrowed sharply to Rs 5.60 lakhs in FY25 from Rs 17.83 lakhs in FY24. The numbers reflect the accounting effect of an NCLT-approved Resolution Plan under the IBC, which resulted in massive debt waiver, conversion of secured loans into equity, cancellation of shares, and revaluation of fixed assets at fair value. Other Equity swung from a negative Rs 2,578.17 lakhs to a positive Rs 15.76 lakhs, while long-term borrowings dropped from Rs 979.44 lakhs to Rs 35.06 lakhs. Statutory auditor N.S. Nanavati & Co. issued an unmodified (clean) opinion on the results. Cash flow from operations, however, remained negative at Rs (42.94) lakhs.
The IBC-driven restructuring has cleaned up the balance sheet, but the company has no operating revenue and continues to post cash losses, so shareholders face uncertainty about a real business revival. The clean audit opinion and debt reduction are positives, but underlying operations remain weak.