Results for the Financial Year ended March 31, 2025
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Naksh Precious Metals (formerly Vaksons Automobiles) filed revised audited results for FY25 after correcting clerical/typographical errors in notes to the financial results, originally approved on May 30, 2025. Revenue from operations jumped sharply to Rs. 235.14 lakhs from Rs. 49.34 lakhs in FY24, a roughly 377% rise. Net profit surged to Rs. 45.25 lakhs from Rs. 3.28 lakhs, with EPS improving to Rs. 0.43 from Rs. 0.03. Cash and cash equivalents ballooned to Rs. 113.88 lakhs (from Rs. 0.45 lakhs). The auditor issued an unmodified opinion but flagged a key audit matter around the Rs. 113.42 lakhs cash-in-hand balance, for which no physical verification or supporting documentation could be obtained.
The strong top-line and bottom-line growth is a positive turnaround story, especially given the company shifted from automobiles to precious metals. However, the auditor's key audit matter on unverified cash balances and the accumulated losses reflected in negative other equity of Rs. 408.87 lakhs warrant investor caution on governance and quality of earnings.