Board of Directors at their meeting held on 15.05.2025 recommended to shareholders the appointment of Statutory Auditors. The relevant disclosure is enclosed.
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Kesar Enterprises' board met on May 15, 2025 and approved audited results for FY25 showing a sharp reversal from profit to loss. Revenue from operations fell to ₹33,397 lakhs from ₹53,106 lakhs in FY24, while the company posted a net loss of ₹7,262 lakhs versus a profit of ₹8,359 lakhs last year. EPS turned negative at ₹(72.05) compared to ₹82.93 in FY24. The company's entire net worth has been wiped out, and auditors have flagged a material going concern uncertainty, citing high sugarcane prices and unviable sugar realisations. On the board side, Harsh R Kilachand was re-appointed as Chairman and Managing Director for 3 years, while Devendra J Shah and Narendra Mairpady were recommended for re-appointment as Director and Independent Director respectively. M/s. Chandabhoy & Jassoobhoy has been recommended as the new statutory auditor for a 5-year term, with M/s. Dhrumil M Shah & Co. LLP continuing as secretarial auditor.
Shareholders should note the company's net worth is fully eroded and a going concern doubt has been formally flagged by auditors, raising near-term solvency risk despite management's plans to monetise non-operating assets. The re-appointments of key directors and a fresh statutory auditor reflect continuity, but stock sentiment is likely to remain weak given the steep FY25 loss.