Please find enclosed herewith Audited Financial Results for the quarter and year ended 31.03.2025 and other business transacted at the Board Meeting held on 15.05.2025.
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Kesar Enterprises reported audited results for FY25 showing a sharp deterioration. Revenue from operations fell about 37% to ₹33,397 lakhs (from ₹53,106 lakhs in FY24), and the company swung to a net loss of ₹7,262 lakhs versus a profit of ₹8,359 lakhs the previous year. All three business segments — Sugar, Cogen and Spirits — posted losses, mainly due to high sugarcane prices and unviable sugar realisations. The company's net worth has completely eroded, with other equity turning negative at ₹(14,734) lakhs as of March 31, 2025. While the statutory auditor (V C Shah & Co) gave an unmodified opinion, it flagged a 'Material Uncertainty Related to Going Concern' and management plans to monetise non-operating immovable assets to improve liquidity. The board also proposed appointing Chandabhoy & Jassoobhoy as the new statutory auditor for a 5-year term from the ensuing AGM.
This is a deeply negative result for shareholders — complete net worth erosion combined with a going-concern emphasis from auditors raises serious solvency concerns and likely puts the stock under selling pressure. However, the asset monetisation plan and any government action on sugarcane MSP and power tariffs remain potential near-term triggers worth watching.