Financial Statements for the year ended March 31, 2025 along with the Unmodified Audit Opinion Report.
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Kreon Finnancial Services reported FY25 total revenue from operations of Rs 2,332.73 lakhs, up about 44% from Rs 1,616.74 lakhs in FY24, driven mainly by a 44% rise in fees and commission income to Rs 2,067.19 lakhs. However, total expenses nearly doubled to Rs 3,072.38 lakhs, with bad debts spiking 77% to Rs 1,190.54 lakhs and finance costs tripling to Rs 283.47 lakhs. As a result, the company swung to a loss before tax of Rs 407.32 lakhs (vs profit of Rs 96.26 lakhs) and a net loss of Rs 414.14 lakhs (vs profit of Rs 62.32 lakhs), translating to a loss per share of Rs 2.05. Cash flow from operations remained negative at Rs 79.58 lakhs. On the balance sheet, total assets rose modestly to Rs 6,622.33 lakhs while borrowings of Rs 3,165.86 lakhs against equity of Rs 3,095.08 lakhs put the debt-to-equity ratio above 1x. The board also approved applying for a Payment Aggregator and PPI licence, and re-appointed statutory and internal auditors for 5 years.
Despite strong top-line growth, shareholders face a sharp swing into losses driven by mounting bad debts and higher borrowing costs, negative operating cashflows, and an elevated debt-to-equity position, which are likely to weigh on the stock. The new payment business licence plans could be a future growth lever but near-term profitability remains under pressure.