Audited financial results as on 31.03.2025
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Manipal Finance Corporation Ltd submitted its audited financial results for FY25, approved at the board meeting on 30 May 2025. The statutory auditor (Sriramulu Naidu & Co.) issued a Qualified Opinion, flagging that the company has incurred losses with most of its funds stuck in Non-Performing Assets, raising serious doubt about its ability to continue as a going concern. The auditor also stated it cannot comment on the realisability of the company's assets (including property, plant & equipment under lease) or its ability to settle liabilities. The cash flow statement shows a sharp deterioration in operating cash flow, which swung from a negative Rs 31.79 lakhs last year to a negative Rs 743.58 lakhs this year. The auditor highlighted that the year's profit is entirely on account of exceptional income, without which the company would have reported a loss.
Shareholders should be cautious — the auditor's qualified opinion and going concern doubt have persisted since 1999-2000, and the business continues to depend on exceptional/non-recurring income to avoid losses. Negative operating cash flow is worsening significantly, signalling weak core business health.