Khandwala Securities Limited has informed the Exchange regarding Outcome of Board meeting held on May 16, 2025.

Qualified audit opinionNet loss reportedResults View source PDF Explain this filing

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AI summary

The board on May 16, 2025 approved audited standalone and consolidated results for Q4 and FY ended March 31, 2025. Standalone total income rose to Rs 1,512.96 lakhs (FY24: Rs 870.09 lakhs), helped by a sharp jump in Other Income to Rs 559.03 lakhs from Rs 18.39 lakhs, while revenue from operations grew modestly to Rs 953.93 lakhs (FY24: Rs 851.70 lakhs). Despite higher topline, the company slipped into a standalone net loss of Rs (79.92) lakhs versus a profit of Rs 17.41 lakhs in FY24, with diluted EPS at Rs (0.52). Q4FY25 was particularly weak with revenue of Rs 118.13 lakhs (vs Rs 282.54 lakhs YoY) and a quarterly loss of Rs (205.32) lakhs. Operating cash flow, however, turned sharply positive at Rs 402.52 lakhs (FY24: negative Rs 174.60 lakhs). The statutory auditor (Aniket Kulkarni & Associates) issued a Qualified Opinion on both sets of accounts, flagging uncertainty around recoverability of Rs 216.69 lakhs of share application money pending for 276 months and currently in Bombay High Court litigation, and Rs 350 lakhs of long-term deposits with no provision made. The board also appointed new Internal and Secretarial Auditors and approved continuation of MD Paresh Khandwala beyond age 70, subject to shareholder approval.

Likely market impact

The qualified audit opinion and the swing from profit to loss are negatives for shareholders, as the unresolved long-pending advances and deposits point to asset quality concerns worth roughly Rs 566.69 lakhs. However, the strong swing in operating cash flow and the procedural approvals are relatively neutral; investors should monitor the litigation outcome and provisioning decisions.