Please find enclosed herewith the Audited Financial Results for the quarter and year ended 31.03.2025 and other business transacted at the Board of Directors at their meeting held on 15.05.2025.
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Kesar Enterprises' Board approved audited results for FY25 showing revenue from operations falling sharply to Rs 33,397 lakhs from Rs 53,106 lakhs in FY24, a decline of about 37%. The company swung from a profit of Rs 8,359 lakhs to a net loss of Rs 7,262 lakhs, translating to a loss per share of Rs 72.05 versus an EPS of Rs 82.93 last year. The company explicitly stated that its net worth has been completely eroded due to accumulated losses from high sugarcane prices and weak sugar realisations, and financials were still prepared on a going-concern basis relying on expected government support and sale of non-core assets. The auditor issued an unmodified opinion but flagged a 'Material Uncertainty Related to Going Concern' in a separate paragraph. The Board also approved the re-appointment of Harsh R Kilachand as CMD for 3 years, re-appointment of an Independent Director, and the appointment of a new statutory auditor (M/s Chandabhoy & Jassoobhoy) and secretarial auditor for 5-year terms.
This is a significantly negative event for shareholders: the company has moved from profit to a deep loss, its net worth has turned negative, operating cash flow has slipped into the negative, and the auditor has formally flagged going-concern uncertainty. The stock price is likely to face pressure, and investors should be alert to the company's plans to monetise non-core assets and the outcome of its petition for better power tariffs as key recovery triggers.