Result for the quarter and year ended March 31, 2025
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Leading Leasing Finance and Investment Company reported FY25 net profit of Rs 375.84 lakhs versus Rs 209.19 lakhs in FY24, an ~80% jump. Q4FY25 PAT came in at Rs 470.90 lakhs, a sharp turnaround from a loss of Rs 70.17 lakhs in Q4FY24. Total income for FY25 stood at Rs 2,900.19 lakhs. The board approved conversion of 1 crore warrants into equity shares at Rs 5.55/share, taking paid-up capital to Rs 52.45 crore (52.45 crore shares of Rs 1 each), with 4.4 crore warrants still pending conversion. New secretarial auditor (M/s Dharti Patel & Associates for 5 years) and internal auditor (M/s Kishan Patel & Associates for FY26) were appointed, and company secretary Mr. Jayesh Bhavsar resigned effective May 13, 2025. Total assets ballooned nearly 5x to Rs 61,096 lakhs, driven largely by short-term loans and borrowings of Rs 48,496 lakhs.
PAT growth and the Q4 turnaround are positives for shareholders, but cash flow from operations was deeply negative at Rs (40,447) lakhs versus a positive figure last year, funded almost entirely by new borrowings. The statutory auditor flagged an Emphasis of Matter on uncertainties around recoverability of loans/advances and valuation of investments, which is a quality-of-earnings red flag. Existing shareholders will also face dilution from continued warrant conversions.