Pursuant to Regulation 30, 33 and 42 read with Schedule III and other applicable Regulations of the SEBI (Listing Obligations a n d Disclosure Requirements) Regulations, 2015, we wish to ....
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The board, meeting on 29 May 2025, approved audited standalone and consolidated financial results for Q4 and FY ended 31 March 2025. Total income collapsed to Rs 6.75 lakhs in FY25 from Rs 44.81 lakhs in FY24, an ~85% drop. The company slipped into a standalone net loss of Rs 52.32 lakhs (vs Rs 12.08 lakh profit last year) and a consolidated net loss of Rs 82.53 lakhs, mainly because share in associate losses added Rs 29.92 lakhs. Total comprehensive income swung wildly negative at Rs (8,879.84) lakhs as investments were marked down sharply (investments fell from Rs 11,283 lakhs to Rs 2,860 lakhs). Operating cash flow was deeply negative at Rs (872) lakhs, partly offset by Rs 1,463 lakhs raised via fresh equity and share warrants. The board also appointed M/s. A R Gupta & Co. as secretarial auditor for FY25 and re-appointed them for five years (FY26–FY30), pending shareholder approval.
Shareholders should note the auditor issued a qualified opinion because no provision has been made for Rs 12 crore of advances stuck with Primus Retail (P) Ltd, which is under liquidation – roughly 14% of total assets and a material red flag. Combined with revenue collapse, net loss, and negative operating cash flow, the results are negative for the stock; however, the company raised fresh equity and warrants, so short-term liquidity is preserved.