Excel Realty N Infra Limited has informed the Exchange regarding Board meeting held on May 14, 2025.
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The board approved standalone and consolidated audited financial results for Q4 and FY ended March 31, 2025, with an unmodified auditor opinion. Statutory auditor M/s. Devpura Navlakha & Co. was appointed for FY 2025-26 to FY 2029-30, replacing M/s. Bhatter & Co., subject to shareholder approval. M/s. S K Jain & Co. was appointed as Secretarial Auditor and M/s. Malvika & Associates re-appointed as Internal Auditor. The auditor flagged an Emphasis of Matter regarding Rs. 115.24 Lakh Expected Credit Loss provision on long-outstanding advances under Ind AS 109, noting management should consider further ECL or discounting. FY25 total revenue jumped sharply to Rs. 1,933.16 Lakh from Rs. 618.45 Lakh, but net profit stayed nearly flat at Rs. 15.38 Lakh (vs Rs. 15.76 Lakh). Q4 FY25 alone posted a net loss of Rs. 194.79 Lakh. Operating cash flow remained negative at Rs. (603.38) Lakh for FY25.
Strong revenue growth did not translate to profits, with a Q4 loss and persistent negative operating cash flow pointing to working capital or receivable stress. The change of statutory auditor and the ECL emphasis of matter are flags worth tracking for shareholders, as they signal governance rotation and potential recovery risk on advances.