In pursuance of Regulation 30 of SEBI(Listing Obligations & Disclosure Requirement) Regulations, 2015, Please find enclosed Outcome of Board Meeting held on 31.03.2025. This is for your ....
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Modern Steels Ltd's Board, meeting on 27 May 2025, approved the audited financial results for Q4 and FY ended 31 March 2025, along with the 51st AGM notice (scheduled for 27 June 2025). Total income for FY25 stood at Rs 549 lacs, sharply higher than Rs 187 lacs in FY24, driven mainly by other income/commission activities since the company has no manufacturing operations (its Mandi Gobindgarh plant assets were already sold under a slump sale). Net profit for FY25 jumped to Rs 444 lacs (EPS Rs 3.23) versus Rs 57 lacs (EPS Rs 0.41) in FY24, and reserves turned positive at Rs 343 lacs from a negative Rs 101 lacs earlier. The Board also approved a material related party transaction with Chandigarh Finance Pvt Ltd for purchase of land, appointed M/s Sanger & Associates as Secretarial Auditor for 3 years, and declared an unmodified auditor opinion by APT & Co LLP. Financials have been prepared on a going-concern basis relying on management's future plans to restart commercial activity.
The sharp profit jump is largely non-operating income from commission/other activities rather than core steel manufacturing, so sustainability depends on the company's plan to restart commercial operations. Shareholders should watch the land acquisition RPT closely, while the unmodified audit opinion and clean results reduce immediate governance concerns.