Please find herewith copy of Audited Financial Results for the quarter and year ended 31st March, 2025 along with annexures. This is for your kind information and records.
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Modern Dairies reported FY25 revenue from operations of Rs 34,809 lakhs, down about 3.7% from Rs 36,150 lakhs last year, continuing a mild top-line decline. Net profit for the year jumped to Rs 8,296 lakhs versus Rs 3,423 lakhs, but this surge was driven heavily by one-time items: exceptional income of Rs 5,632 lakhs and a deferred tax credit of Rs 1,723 lakhs. Core operating profit before these exceptional items actually fell to Rs 979 lakhs from Rs 1,494 lakhs, signalling margin pressure on the underlying milk business. The balance sheet underwent a major reset — equity swung from negative Rs 6,172 lakhs to positive Rs 4,036 lakhs, helped by the successful One-Time Settlement with Punjab National Bank and fresh promoter money via warrants and securities premium. Cash on hand jumped from Rs 155 lakhs to Rs 858 lakhs. However, a Rs 512.76 crore milk cess demand from the Haryana government remains a major pending court case, against which only Rs 21.30 crore has been provisioned.
The clean balance sheet, completed bank settlement and positive equity are structurally positive and remove past solvency overhang. But retail investors should note that headline profit growth is largely non-recurring and the core dairy business is showing revenue decline and margin compression. The large unresolved milk cess liability remains a key risk to monitor.