Financial Results for the quarter and year ended 31.03.2025
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MFL India Ltd reported a net loss of ₹82.71 lakhs for FY25, narrowing sharply from the ₹245.60 lakhs loss in FY24, though the company remains in the red. Revenue from operations dipped modestly to ₹5,226.49 lakhs from ₹5,361.26 lakhs, while total expenses fell to ₹5,257.73 lakhs from ₹5,633.37 lakhs. The auditor issued a qualified opinion, flagging that retirement benefits (gratuity and leave encashment) have not been provisioned, meaning reported profit is overstated by an unquantifiable amount. The balance sheet is a serious concern — other equity is deeply negative at ₹3,880.72 lakhs, pushing total equity into negative territory at ₹277.80 lakhs. Cash on hand collapsed to just ₹5.68 lakhs (from ₹105.22 lakhs), and unsecured borrowings from directors climbed to ₹1,759 lakhs. A large income tax dispute of ₹21.04 crores for AY 2018-19 is pending before the Commissioner of Income Tax (Appeals).
Negative for shareholders. The qualified audit opinion, negative net worth, depleted cash position, and large pending tax litigation all point to significant balance-sheet stress and governance concerns. The narrowing of losses and positive operating cash flow of ₹121.80 lakhs are mild positives, but do not offset the underlying weaknesses.