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Microse India Limited submitted its audited standalone financial results for the quarter and financial year ended 31st March 2025. Total income for FY25 stood at Rs. 136.42 lakhs, up about 24% from Rs. 109.92 lakhs in FY24. The company reported a net profit of Rs. 95.85 lakhs (adjusted: Rs. 83.73 lakhs), turning around from a loss of Rs. 38.20 lakhs in the previous year. However, the statutory auditor, M/s Todarwal & Todarwal LLP, issued a Qualified Opinion for the second consecutive year, flagging that investments and inventory of equity shares are recorded at cost instead of Fair Value through Profit and Loss as required by IND AS 109, and that delisted stocks have not been written off. Total assets stood at Rs. 506.85 lakhs and net worth at Rs. 207.03 lakhs. The company filed a separate statement on 17 July 2025 disclosing the quantified impact of the audit qualification, showing adjusted net worth of Rs. 194.91 lakhs and adjusted EPS of Rs. 2.79.
Despite a revenue rebound and turnaround to profitability, the recurring qualified opinion is a yellow flag for investors as it signals persistent non-compliance with IND AS accounting standards. Shareholders should note that adjusted (post-qualification) net worth and EPS are lower than reported figures, and the valuation of the company's investment portfolio may be overstated.