Man Industries (India) Limited has informed the Exchange regarding Board meeting held on May 12, 2025.
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The Board of Directors of Man Industries (India) Limited approved audited standalone and consolidated financial results for the quarter and year ended March 31, 2025. Standalone revenue from operations grew modestly to Rs 3,11,822 lakhs (vs Rs 3,08,010 lakhs in FY24, ~1.2% growth), while net profit jumped to Rs 13,712 lakhs from Rs 10,974 lakhs, a growth of about 25% year-on-year. Q4FY25 was particularly strong with net profit of Rs 4,033 lakhs, more than double the Rs 1,725 lakhs in Q4FY24. The company reported an order book of approximately Rs 2,500 crores to be executed over 6-12 months. The auditor issued an Unmodified Opinion on standalone results, but a Modified Opinion on consolidated results. The auditor highlighted key matters including disputed trade receivables of Rs 9,078.84 lakhs, an ongoing SEBI forensic audit and show cause notice, and a Ministry of Corporate Affairs (MCA) notice under Section 206(5) regarding various non-compliances. The Board also approved the transfer of its stake in Man International Steel Industries to another wholly owned subsidiary, and noted the resignation of Non-Executive Director Mrs. Heena Vinay Kalantri effective March 31, 2025.
Positive on profitability front with 25% PAT growth and strong Q4 performance, supported by a healthy Rs 2,500 crore order book. However, the Modified Opinion on consolidated results, ongoing SEBI forensic audit, MCA notice, and disputed receivables of over Rs 90 crore are concerns that may weigh on investor sentiment.