Pursuant to Regulation 30 and 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform you that the Board ....
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The Board approved audited full-year and half-yearly results for FY25 (ended 31 March 2025). Total revenue grew about 16% to Rs. 5,115.55 lakhs (from Rs. 4,400.36 lakhs), but profit after tanked roughly 81% to Rs. 40.64 lakhs (from Rs. 216.41 lakhs), with the second half of the year actually slipping into a loss of Rs. 42.30 lakhs. The QSR (pizza) segment revenue fell sharply to Rs. 144.15 lakhs (from Rs. 342.63 lakhs), while an Agricultural Trading segment now drives nearly all of the revenue at Rs. 4,971.40 lakhs. The auditor flagged an Emphasis of Matter noting that out of the Rs. 1,170 lakhs raised via IPO in October 2024, the company opened only 2 new pizza outlets instead of the promised 16, diverted Rs. 207.96 lakhs toward working capital, and left Rs. 300 lakhs unutilized in a fixed deposit. Operating cash flow turned sharply negative at Rs. (582.34) lakhs versus Rs. 372.17 lakhs last year, driven by ballooning inventories and receivables. The US venture 'Neo Indian Pizza Inc' was not consolidated due to lack of data.
Despite an unmodified audit opinion, the heavy post-IPO operational slippage — far fewer stores opened, working-capital strain, negative operating cash flow, and an 81% profit collapse — is a red flag for shareholders. The stock narrative around store expansion and QSR growth has clearly not played out as promised at the IPO.