Please find attached herewith Outcome of the Board Meeting held on May 30, 2025.
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The Board of Modern Engineering and Projects Ltd approved audited financial results for Q4 and FY ended March 31, 2025, along with an unmodified auditor's opinion. Revenue from operations grew modestly to Rs 9,561.11 lakhs in FY25 from Rs 9,321.93 lakhs in FY24 (about 2.6% growth). Profit after tax nearly doubled to Rs 728.61 lakhs from Rs 364.52 lakhs, driven by strong Q4 performance of Rs 936.46 lakhs. The company raised Rs 49.44 crore via a rights issue in September 2024, boosting equity share capital from Rs 309 lakhs to Rs 1,545 lakhs and turning other equity positive at Rs 4,057.34 lakhs. However, cash flow from operating activities turned sharply negative at Rs (2,680.09) lakhs versus Rs 528.27 lakhs last year, mainly due to a large jump in trade receivables and short-term loans/advances.
Strong profit growth and balance sheet strengthening via rights issue are positives, but the deeply negative operating cash flow and ballooning receivables raise concerns about cash collection and working capital quality. Investors should watch for improvement in receivables and cash generation in coming quarters.