Outcome of the Meeting of Board of Directors held on Wednesday, May 28, 2025
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The Board of Odyssey Corporation approved audited standalone and consolidated financial results for Q4 and full year ended March 31, 2025, along with the appointment of M/s Yogesh Bhuva & Co. as Internal Auditor for FY 2025-26. On a standalone basis, total revenue declined modestly to Rs 3,573.58 lakh (vs Rs 3,652.72 lakh), while profit after tax fell sharply by about 23% to Rs 282.11 lakh from Rs 366.88 lakh. Consolidated performance was better, with total revenue rising to Rs 3,766.81 lakh and PAT improving to Rs 399.10 lakh from Rs 355.42 lakh. Statutory auditors ABN & Co. issued an unqualified (unmodified) opinion on both results. The company also raised capital via a preferential issue of 3.56 crore equity shares and 2.20 crore convertible warrants in November 2024, nearly doubling equity share capital from Rs 1,969.71 lakh to Rs 3,752.42 lakh. Total assets expanded to Rs 18,433 lakh (standalone) and the company remains debt-free on long-term borrowings.
Despite reporting profits, both standalone and consolidated operating cash flows were deeply negative (Rs -3,529 lakh and Rs -3,112 lakh respectively), largely driven by loans and advances extended, which is a red flag for working capital and cash quality of earnings. Shareholders should note significant equity dilution from the preferential issue and warrant conversions, while the unqualified audit opinion and debt-free balance sheet offer some comfort.