Audited Standalone Financial Results for quarter and year ended 31.3.2025
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Patspin India reported a net loss of Rs 979 lakhs for FY25, wider than the Rs 665 lakh loss in FY24; Q4 FY25 standalone loss was Rs 249 lakhs versus a Rs 207 lakh profit in Q4 FY24. Revenue from operations grew about 8% YoY to Rs 4,733 lakhs for the full year and 18% in Q4 to Rs 1,133 lakhs, but the company has been running only job-work operations at its Palakkad plant due to liquidity stress and absence of working capital facilities. Net worth is fully eroded with negative other equity of Rs 11,587 lakhs, and the company has submitted a fresh resolution plan to lenders to restructure outstanding term debt, cut interest costs, and revive own cotton yarn manufacturing. The statutory auditor (L.U. Krishnan & Co) issued an unmodified opinion but flagged a 'Material Uncertainty Related to Going Concern' due to the eroded net worth, cash losses, and prior sub-standard classification of loan accounts. An emphasis-of-matter note was also added on the continued recognition of Rs 3,869 lakhs of deferred tax assets without fresh recognition this year.
Highly negative for shareholders: persistent losses, fully eroded net worth, and an explicit going-concern flag from the auditor signal serious financial distress. The restructuring proposal and planned return to own yarn manufacturing are the only near-term positive triggers; until lenders approve the resolution plan and the plant restarts meaningfully, the stock remains a high-risk, turnaround-driven name.