Outcome of Board meeting held on 30th May, 2025.
Awaiting price reaction for this filing.
The Board of DS Kulkarni Developers approved audited standalone financial results for Q4 and FY ended March 31, 2025, with the auditor issuing an unmodified (clean) opinion. The company posted a sharp turnaround — revenue from operations of Rs 7,550 lakhs (up from nil in FY24) and net profit of Rs 560.20 lakhs against a previous-year loss of Rs 888.32 lakhs, taking EPS to Rs 5.60. However, other equity remains deeply negative at Rs (13,842.67) lakhs, and net cash from operating activities turned negative at Rs (10,016.92) lakhs versus a positive Rs 32,010.88 lakhs last year. The Board also approved writing off investments in three subsidiaries (DSK Developers Corporation, DSK Woods LLC, and DSK Infra Pvt Ltd) citing complete unavailability of financial or operational data and non-cooperation of the erstwhile promoter.
While headline FY25 numbers show a dramatic revenue and profit turnaround, the negative net worth and large negative operating cash flow point to underlying balance-sheet stress. Shareholders should note the subsidiary write-offs and the fact that material related party transactions will be placed before them for approval at the next general meeting.