Financial Results for the quarter and year ended on 31st March, 2025.
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Madhusudan Securities reported weak FY25 results with total income of just Rs. 6.75 lakhs, a sharp ~85% decline from Rs. 44.81 lakhs in FY24. The company swung to a standalone net loss of Rs. 52.32 lakhs (vs profit of Rs. 12.08 lakhs in FY24), with consolidated net loss of Rs. 82.53 lakhs. EPS turned negative at Rs. (0.47) standalone and Rs. (0.74) consolidated. Cash flow from operations turned deeply negative at Rs. (871.98) lakhs vs a positive Rs. 984.30 lakhs last year. The auditor issued a qualified opinion because the company has not provisioned for Rs. 12 crores in advances outstanding over 3 years to Primus Retail (P) Ltd, which is under liquidation, despite the company separately declaring an 'unmodified opinion'. The board also appointed M/s A.R. Gupta & Co as secretarial auditor for 5 years from FY26.
Shareholders should note the stark revenue collapse and return to losses, plus a significant unprovided Rs. 12 crore exposure to a liquidated entity that the auditor flagged as a qualification. The contradictory 'unmodified opinion' declaration vs the actual qualified auditor report raises governance red flags and may attract regulatory scrutiny.