Audited Financial Results for the Quarter and Year ended 31.03.2025
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Morgan Ventures Ltd, an NBFC, reported strong FY25 results with total income doubling to Rs 4,670.28 lakhs from Rs 2,300.66 lakhs in FY24, driven mainly by investment income and fair value gains on investments. Net profit for the year jumped to Rs 2,561.83 lakhs (EPS Rs 25.88) from Rs 994.52 lakhs (EPS Rs 10.05), roughly a 2.6x increase. For Q4 FY25 standalone, net profit was Rs 670.41 lakhs vs Rs 480.80 lakhs in Q4 FY24. The statutory auditor issued an unmodified (clean) opinion but flagged four emphasis-of-matter items including a legal dispute over Aurangabad land worth Rs 20.02 crores, a related-party loan transaction that exceeded 10% of turnover without shareholder approval, a change in the company's main objects to allow manufacturing, and reclassification of inventory to fixed assets.
Strong headline profit and revenue growth are positives for shareholders, but the negative operating cash flow of Rs 189.09 lakhs (vs positive Rs 96.89 lakhs last year) and the unresolved Rs 20.02 crore land dispute with MIDC are red flags. The related-party transaction flagged by auditors for missing shareholder approval is a governance concern that investors should monitor.