Outcome of the Board of Directors' Meeting held today i.e., Friday, May 30, 2025
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The Board approved audited standalone and consolidated financial results for Q4 and FY25. Full-year standalone revenue from operations jumped ~65% to Rs. 40,557 lakhs (vs Rs. 24,558 lakhs in FY24), and net profit rose ~60% to Rs. 343.75 lakhs (vs Rs. 214.69 lakhs). Full-year profit before tax more than doubled to Rs. 549 lakhs. However, Q4 FY25 standalone swung to a loss of Rs. 270 lakhs compared to a profit of Rs. 134 lakhs in Q4 FY24. The company also consolidated two new subsidiaries (Namra Jewels and Pyramid Gold Assaying) for the first time. The statutory auditors issued an unmodified (clean) opinion on both standalone and consolidated results. Notably, operating cash flow turned sharply negative at Rs. (3,763) lakhs in FY25 versus Rs. (12) lakhs in FY24.
Strong annual revenue and profit growth, along with a clean audit, are positives for shareholders, but the Q4 loss and steep negative operating cash flow raise concerns about working capital strain and the sustainability of margins. Dilution from the recent warrant conversions (paid-up equity jumped from Rs. 357 lakhs to Rs. 2,357 lakhs) and the planned further issue of 60 lakh convertible warrants may weigh on per-share earnings.