Please find enclosed herewith Audited Financial Results for Quarter and Year ended 31st March, 2025. This is for your kind information and records.
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Modern Steels Ltd reported FY25 total income of Rs 549 lacs, nearly tripling from Rs 187 lacs in FY24, with net profit jumping to Rs 444 lacs from Rs 57 lacs. Basic EPS rose sharply to Rs 3.23 from Rs 0.41. However, the company has no manufacturing operations anymore — it had earlier sold its entire steel plant assets under a slump sale at Mandi Gobindgarh, Punjab, and current earnings are mostly from commission and other non-core activities. The board also approved a material related-party transaction with Chandigarh Finance Pvt Ltd to purchase land, indicating a possible business pivot. Statutory auditor APT & Co LLP issued an unmodified (clean) opinion. Shareholders' funds turned positive at Rs 1,783 lacs after the company swung to profit, up from Rs 1,339 lacs.
The dramatic profit growth comes off a very small base and from non-operating income, so headline numbers may overstate the underlying business health. The going-concern disclosure, complete exit from steel manufacturing, and move to acquire land via a related-party deal suggest the company is looking to restart operations under a new direction — shareholders should watch for clarity on what new commercial activity is planned and seek shareholder approval at the 27 June 2025 AGM.