Palash Securities Limited has informed the Exchange regarding Outcome of Board Meeting held on May 15, 2025.
PALASHSECU · price
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Awaiting price reaction for this filing.
The Board approved audited standalone and consolidated financial results for Q4 and FY ended March 31, 2025. On a standalone basis, net profit jumped to ₹471.79 lakhs in FY25 from ₹16.36 lakhs in FY24, largely driven by a one-time dividend income of ₹500.52 lakhs; EPS rose to ₹4.72. However, on a consolidated basis, the company reported a net loss of ₹1,765.19 lakhs in FY25, wider than the ₹1,576.02 lakh loss in FY24, with the Food Processing Business (Morton Foods) posting a ₹1,185.07 lakh segment loss. The consolidated auditor issued a qualified (modified) opinion, flagging a ₹450.53 lakh deferred tax asset recognized at Morton Foods and a material going-concern uncertainty as the subsidiary's net worth has been substantially eroded. The Board decided to sell its equity stake in Morton Foods to unlock liquidity and invest in diversified opportunities. No dividend was recommended. New Secretarial and Internal Auditors were appointed.
Standalone numbers look healthy on the back of dividend income, but the consolidated loss is widening and the audit qualification plus going-concern flag on its material subsidiary Morton Foods are red flags. The decision to sell Morton Foods removes the loss-making food business but also ends the company's exposure to any future recovery; shareholders may see short-term pressure on the stock given the weak consolidated picture, though the divestment could unlock cash for the investment business.