Pursuant to Regulation 30, 33 and 42 read with Schedule III and other applicable Regulations of the SEBI (Listing Obligations a n d Disclosure Requirements) Regulations, 2015, we wish to ....
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The Board of KBS India Ltd approved the audited financial results for Q4 and full year ended 31st March 2025 at its meeting held on 29th May 2025. Full-year revenue from operations rose ~36% YoY to Rs 236.74 lakh (vs Rs 173.70 lakh in FY24), and net profit jumped to Rs 17 lakh from Rs 7.18 lakh, a ~137% increase. Q4 FY25 saw the company return to profitability with a net profit of Rs 6.06 lakh compared to a small loss of Rs 0.01 lakh in Q4 FY24. The Board also re-appointed M/s D N Vora & Associates as Secretarial Auditor for a 5-year term from FY 2025-26 to FY 2029-30, subject to shareholder approval. The statutory auditor (Bhuta Shah & Co LLP) issued an unqualified opinion but flagged an Emphasis of Matter regarding a long-term loan of ~Rs 16.65 crore (and related current account balance) given to a Singapore subsidiary that has been struck off, for which no provision has been made — resulting in a potential misstatement of profit and reserves.
Strong YoY top-line and bottom-line growth is positive for shareholders, but the auditor's emphasis of matter on an unrecovered ~Rs 16.65 crore loan to a struck-off foreign subsidiary is a significant red flag that could lead to a large write-off and depress future earnings if recovered. Investors should weigh the growth narrative against the risk of an eventual impairment provision.