Board of Directors of the Company in its meeting held on 14/08/2025 inter-alia approved the unaudited financial results for the quarter ending 30/06/2025.
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The Board of Nova Iron & Steel Ltd approved unaudited financial results for Q1 FY26 (quarter ended 30 June 2025). Revenue from operations stood at Rs. 11,297.09 lakhs, down from Rs. 12,509.54 lakhs in Q1 FY25, a decline of about 9.7% year-on-year. Net profit for the quarter was Rs. 220.73 lakhs (EPS Rs. 0.61) versus Rs. 349.05 lakhs (EPS Rs. 1.81) in the same quarter last year. The auditor MNRS & Associates issued a Qualified Conclusion, noting that the company has not recognised interest on borrowings from certain lenders in its finance costs, and the impact is unascertainable. This same qualification was flagged in the previous quarter and the full year ended March 2025.
Shareholders should note that the auditor's qualification on unrecorded interest expenses is a recurring concern that could materially affect reported profits once quantified. Revenue and profit have weakened compared to the year-ago quarter, which may weigh on short-term sentiment despite the quarter staying profitable.