Approval of audited Financial Results for quarter and year ended 31.03.2025
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Kesar Terminals & Infrastructure Ltd reported standalone FY25 revenue from operations of Rs 3,278.28 lakhs (vs Rs 2,986.54 lakhs in FY24, ~10% growth), with net profit jumping sharply to Rs 271.67 lakhs (vs Rs 69.42 lakhs in FY24, ~4x increase) and EPS of Rs 2.49 (vs Rs 0.64). Total income for FY25 stood at Rs 3,354.50 lakhs. The statutory auditor issued a Qualified Opinion, flagging three recurring issues: no provision made for potential liability from a corporate guarantee given for subsidiary KMLL's borrowings of Rs 17,156.17 lakhs, inadequate impairment provision on Rs 17,910.48 lakhs of loans and investments in KMLL (whose net worth is fully eroded), and pending Deendayal Port Trust litigation. On a consolidated basis, an Emphasis of Matter was added regarding material uncertainty over subsidiary KMLL's ability to continue as a going concern, though the company has signed an SSPA with DP World for divestment of KMLL. The board also approved the appointment of a new Secretarial Auditor for 5 years from FY26 and fixed the 17th AGM for 17 September 2025.
Despite a strong ~4x jump in standalone profit, investors should note the auditor's recurring qualified opinion and the sizeable unprovided corporate guarantee exposure of over Rs 171 crore tied to the stressed subsidiary KMLL, which could materially impact the parent's books if the divestment to DP World does not go through. The going concern flag on the subsidiary and pending Supreme Court litigation on Kandla port land leases remain key overhangs on the stock.