Please find attached Audited Financial Results for March 2025
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NCL Research & Financial Services reported a sharp deterioration in FY25 results, swinging to a net loss of ₹135.81 lakhs from a profit of ₹161.07 lakhs in FY24. Total revenue from operations declined roughly 20% to ₹852.56 lakhs (FY24: ₹1,068.81 lakhs), dragged down by lower sale of shares and losses in F&O trading. Profit before tax for the year was negative at ₹(65.43) lakhs versus ₹198.76 lakhs a year earlier, while Q4 standalone PAT stood at a modest ₹9.92 lakhs. The statutory auditor (DBS & Associates) flagged a 'Qualified Opinion' and raised six Emphasis of Matter points, including long-pending trade receivables of ₹174.61 lakhs with no ECL provision, unrecovered interest-free advances of ₹2,195.80 lakhs for share purchases, missing supporting bills for some expenses, and unconfirmed balances from various parties. Operating cash flow remained deeply negative at ₹(1,747.23) lakhs, though the balance sheet remains comfortable with total equity of ₹11,294.91 lakhs and no debt securities or borrowings on the books.
Negative for shareholders — the company moved from profit to loss, revenue shrank significantly, and the auditor's emphasis on unrecovered old receivables and advances raises concerns about asset quality. Weak operating cash flow adds to the cautious outlook, though the debt-free balance sheet provides some cushion.