Pursuant to Regulation 30 & Regulation 33 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, we hereby inform you that the Board of Directors ....
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Midwest Gold Limited's board approved audited financial results for Q4 and FY ended March 31, 2025. On a standalone basis, the company reported a net loss of Rs. 394.10 lakhs (vs Rs. 229.62 lakhs loss in FY24), with revenue from operations falling sharply from Rs. 104.53 lakhs to Rs. 44.64 lakhs, though total income rose to Rs. 181.66 lakhs due to higher other income. Finance costs nearly doubled to Rs. 219.47 lakhs. On a consolidated basis (first-time inclusion of Midwest Energy Pvt Ltd), the net loss widened to Rs. 683.83 lakhs on revenue of just Rs. 77.58 lakhs. The statutory auditor issued an unmodified opinion on standalone results but a qualified opinion on consolidated results, flagging Rs. 1,746.28 lakhs classified as 'Intangible Assets Under Development' lacking sufficient evidence to meet Ind AS 38 criteria. The board also approved a postal ballot to regularize the appointment of an independent director, seek shareholder approval for related party transactions, and acquire the remaining 2.60% stake in subsidiary Midwest Energy Pvt Ltd to make it wholly-owned.
Shareholders should note the deepening losses, declining core revenue, and the auditor's qualified opinion on consolidated numbers — particularly the Rs. 17.46 crore intangible asset capitalization that could not be fully substantiated. The related party acquisition of the remaining stake in the subsidiary and the related party transaction approvals being put to postal ballot warrant shareholder attention.