Audited (Standalone & Consolidated) Financial Results for the quarter and financial year ended March 31, 2025
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Midwest Gold Ltd posted wider losses for FY25 on both standalone and consolidated basis. Standalone revenue from operations fell sharply to Rs 44.64 lakhs from Rs 104.53 lakhs in FY24, while total income rose to Rs 181.66 lakhs due to higher other income. Standalone loss before tax widened to Rs (394.10) lakhs vs Rs (229.62) lakhs last year, with EPS at Rs (8.71). On a consolidated basis, after first-time consolidation of subsidiary Midwest Energy Pvt Ltd (acquired 97.40%), total income was Rs 113.84 lakhs and loss after tax stood at Rs (683.83) lakhs, with EPS of Rs (12.36). The auditor issued an unmodified opinion on standalone results but a qualified opinion on consolidated results, flagging Rs 1,746.28 lakhs booked as Intangible Assets Under Development without adequate supporting documentation per Ind AS 38. The company also raised Rs 7,890 lakhs via preferential allotment, made its energy subsidiary a wholly owned entity, and is seeking shareholder approval for related party transactions via postal ballot.
Shareholders should note the deepening losses, declining standalone revenue, and the auditor's qualified opinion on consolidated financials over questionable intangible asset capitalization. Negative operating cash flows on both bases indicate the business is still burning cash, though the recent equity infusion provides short-term liquidity. The ongoing losses and audit qualifications may weigh on investor confidence and stock sentiment.