for the Financial Year 2024-25,
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Awaiting price reaction for this filing.
NCC Bluewater Products has filed its 32nd Annual Report for FY 2024-25 along with the notice for its 32nd AGM, scheduled for September 26, 2025 via video conferencing. The company's core business continues to struggle — gross income fell to Rs. 51.89 lakhs from Rs. 77.01 lakhs in the previous year, a drop of about 33%. Net profit, however, surged to Rs. 349.65 lakhs from Rs. 43.67 lakhs, almost entirely due to a one-time exceptional gain of Rs. 434.74 lakhs from selling 38.32 acres of its remaining undisputed land. The board has not recommended any dividend, citing meagre operational profits, and reserves rose sharply to Rs. 400.45 lakhs. The company also got clean reports from its statutory auditor (K P Rao & Co) and secretarial auditor, with no qualifications or adverse observations.
For shareholders, the headline profit jump is misleading — it is driven almost entirely by a one-time land sale and not by the core aquaculture business, which is actually shrinking. The decision to skip dividend and the difficulty in disposing the remaining ~10.97 acres of undisputed land plus 22.57 acres of disputed land signal limited future recurring earnings. Clean audit reports and zero debt provide some comfort, but the stock is unlikely to see a positive re-rating unless the land monetisation completes.