Statement of Deviation
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Awaiting price reaction for this filing.
Magenta Lifecare, listed on BSE SME in June 2024, filed its first full-year audited results post-IPO. Revenue from operations grew about 16% to Rs. 1,018.35 lakh versus Rs. 876.28 lakh in FY24, but profit after tax collapsed nearly 89% to just Rs. 8.28 lakh from Rs. 73.85 lakh. Earnings per share fell to Rs. 0.12 from Rs. 1.52. Operating cash flow was deeply negative at Rs. -414.71 lakh (versus Rs. -98.13 lakh last year). The statutory auditor (SSRV & Associates) issued an unmodified (clean) opinion. IPO proceeds of Rs. 598 lakh have been fully used — Rs. 424 lakh for working capital and Rs. 174 lakh for general corporate purposes — with no deviation. Significant related party loans from the Managing Director and his wife, totalling over Rs. 1.7 crore outstanding, were disclosed.
Revenue growth is positive but the sharp drop in profit and large negative operating cash flow point to serious margin and working-capital stress, which is a red flag for retail investors despite the clean audit report and orderly use of IPO money.