Maha Rashtra Apex Corporation Limited has submitted to the Exchange, the financial results for the period ended March 31, 2025.
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Maha Rashtra Apex Corporation submitted its audited financial results for FY25. Standalone total income fell sharply to Rs. 661.30 lakhs from Rs. 1,030.50 lakhs in FY24, a drop of around 36%. Standalone profit after tax rose marginally to Rs. 1,169.15 lakhs (from Rs. 1,131.66 lakhs), helped by a large one-time exceptional gain of Rs. 1,011.14 lakhs from reversing old lease deposits and inter-corporate deposit liabilities that are no longer payable. Consolidated PAT was Rs. 1,965.96 lakhs versus Rs. 33,149.94 lakhs in FY24 — the previous year had an outsized Rs. 32,373.60 lakhs share of profit from associates, making the comparison look distorted. EPS on a standalone basis was Rs. 8.30 vs Rs. 8.03. The auditor, H G Sarvaiya & Co., issued a Qualified Opinion for both sets of results, flagging that the company has not booked Rs. 333.75 lakhs of cumulative delayed-period interest on public deposits from October 2019 to March 2025 — this is the sixth straight year of the same qualification, which overstates profit and understates liabilities. An Emphasis of Matter was also drawn to Rs. 1,370.06 lakhs of unpaid public deposits (court order repayment deadlines lapsed in 2009), the long-cancelled NBFC registration from 2002, and a Rs. 1,273.37 lakhs property sale agreement whose timeline has expired. Consolidated operating cash flow was negative at Rs. (430.11) lakhs.
Shareholders should note that headline FY25 profit is propped up by a one-time exceptional reversal rather than core operations, the auditor's qualification has been repeating for six years indicating an unresolved liability of about Rs. 3.34 crore, and there are multiple legacy issues (unpaid public deposits, cancelled NBFC licence, stalled property deal) that remain open. Negative consolidated operating cash flow and weak revenue point to underlying business stress, so the results are unlikely to be viewed positively despite the optical profit growth.