Outcome of the Board Meeting held on May 24, 2025 to consider and approve the audited financial results for the Financial Year Ended on March 31, 2025 and other matters.
Awaiting price reaction for this filing.
The Board approved audited results for FY25 showing total income of ₹128.24 lakhs (vs ₹89.39 lakhs in FY24) and revenue from operations of ₹102.75 lakhs (vs nil in FY24), but the company reported a net loss of ₹1,686.61 lakhs, an improvement from the previous year's loss of ₹2,725.20 lakhs. Exceptional items of ₹1,570.89 lakhs (largely write-offs and write-backs) significantly impacted the loss. The balance sheet shows total assets have sharply dropped to ₹904.47 lakhs from ₹7,434.75 lakhs, and net worth is now negative at ₹-471.73 lakhs. The statutory auditor issued a qualified opinion citing multiple issues including unconfirmed trade receivables/payables of ₹678.71 lakhs, absence of effective IT systems, and manual accounting records. The auditor also flagged a material uncertainty on going concern due to unpaid income tax and TDS liabilities of over ₹494 lakhs outstanding for 3+ years, along with unpaid statutory dues of ₹502.86 lakhs. The company's shares remain suspended from trading on BSE due to non-compliance with SEBI norms under Regulation 76.
This is a high-risk filing for shareholders — the auditor has flagged going concern doubts, net worth is negative, losses continue despite revenue starting to trickle in, and BSE trading remains suspended. The acquisition of Diva Yoga (SBBPL) and a planned fundraising exercise (expected by June 2025 quarter-end) could be near-term catalysts, but execution risk is very high.