approval of results 31.03.2025
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Narmada Macplast Drip Irrigation Systems Ltd reported audited results for FY25 with revenue from operations rising sharply to Rs. 698.40 lakhs from Rs. 181.27 lakhs in FY24, a jump of nearly 285%. Profit after tax surged to Rs. 539.17 lakhs from a marginal Rs. 0.18 lakh last year, with EPS of Rs. 14.88 versus near-zero earlier. However, the bulk of the profit came from a one-time gain of Rs. 537.85 lakhs on disposal of property, plant and equipment, reflected in other income of Rs. 582 lakhs. The company also fully repaid its long-term borrowings of Rs. 61.07 lakhs and ended the year debt-free with cash and equivalents of Rs. 40 lakhs. The statutory auditor issued an unmodified (clean) opinion on the results.
Headline earnings look exceptional, but the PAT is largely inflated by a non-recurring asset sale rather than core operating performance. Negative operating cash flow of Rs. 541 lakhs suggests the core business is still cash-consuming, so shareholders should temper excitement around the headline PAT and watch for sustained operating profitability.