Maha Rashtra Apex Corporation Limited has informed the Exchange regarding Board meeting held on August 13, 2025.

The Board approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2025. On a standalone basis, total income rose sharply to Rs. 757.75 lakhs (vs Rs. 467.73 lakhs in Q1 FY25), but profit for the period fell to Rs. 597.18 lakhs (vs Rs. 1169.15 lakhs), with EPS at Rs. 4.24 (vs Rs. 8.30). On a consolidated basis, PAT jumped to Rs. 2,386.41 lakhs (vs Rs. 2,177.35 lakhs), driven largely by a Rs. 2,246.99 lakhs share of profit from associates like Manipal Home Finance and Kanara Consumer Products (formerly Kurlon). The auditor issued a qualified opinion, flagging that the company has not provided for Rs. 11.75 lakhs of delayed interest on old deposits this quarter (cumulative Rs. 345.50 lakhs since October 2019), overstating profit. Other concerns highlighted include outstanding public deposits of Rs. 1,367.81 lakhs (the company deposited Rs. 1,395.75 lakhs with the Karnataka High Court in FY24), RBI cancellation of its NBFC registration in 2002, and a lapsed property sale agreement with Kanara Consumer Products where Rs. 1,273.37 lakhs has been credited. The Board also appointed Mr. Nagarajan Sivaramakrishnan as Non-Executive Independent Director (subject to shareholder approval), re-appointed Ms. Nita J. Desai as Internal Auditor for FY26, and approved shifting the corporate office from Syndicate House, Manipal to Chitrakala, Manipal.