Pursuant to Regulation 30 of SEBI(Listing Obligations & Disclosure Requirements) Regulations, 2015, please find enclosed herewith Outcome of Board Meeting held today i.e. 27.05.2025. This ....
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The board approved the audited financial results for Q4 and FY25 (year ended March 31, 2025). Revenue from operations fell about 3.7% YoY to Rs 348.09 crore from Rs 361.50 crore. Reported PAT jumped to Rs 82.96 crore versus Rs 34.23 crore last year, but this was almost entirely driven by a one-time exceptional gain of Rs 56.32 crore tied to the Punjab National Bank One-Time Settlement (OTS); pre-exceptional operating profit actually fell about 34% to Rs 9.79 crore. The PNB OTS is now fully completed, with all bank dues cleared and long-term borrowings reduced. The company raised money from promoters via 86 lakh share warrants, of which 23 lakh were converted to equity at Rs 50 each (Rs 10 face + Rs 40 premium), strengthening reserves from negative to Rs 6.82 crore. The auditor issued an unmodified (clean) opinion with an Emphasis of Matter paragraph on the OTS. A major overhang remains the Haryana milk cess demand of Rs 544 crore; the company has provisioned Rs 21.30 crore and deposited Rs 9.91 crore, with the matter sub-judice.
The headline PAT jump is misleading because it depends on a one-time OTS write-back, not an improvement in core dairy operations. Underlying profits are weaker, and the open milk cess demand of over Rs 500 crore is a significant contingent risk. Net-net, the clean audit and bank-debt clearance are positives, but core business performance and the unresolved cess liability keep the picture mixed for shareholders.