Results for the financial year 31.03.2025
PICCADIL · price
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Piccadily Agro Industries reported FY25 standalone revenue from operations of Rs 88,625.65 lakhs, up about 7% from Rs 82,812.45 lakhs in FY24, driven mainly by a ~15% jump in distillery segment sales to Rs 63,675.55 lakhs while sugar revenue declined to Rs 24,950.10 lakhs. Standalone profit after tax fell ~6.7% to Rs 10,465.57 lakhs (vs Rs 11,213.48 lakhs), with EPS at Rs 11.09 vs Rs 11.89 last year, partly because FY24 had a large Rs 2,938.99 lakh exceptional gain. Consolidated PAT was Rs 10,188.38 lakhs. The board declared an unmodified audit opinion. However, operating cash flow turned sharply negative at Rs (2,527.90) lakhs standalone versus Rs 5,453.26 lakhs last year, with heavy capex of about Rs 23,962 lakhs funded by Rs 23,699.89 lakhs from compulsorily convertible debentures/warrants and higher borrowings.
Top-line growth from distillery is positive, but lower sugar contribution and a one-off boost in the base year dragged down profits. Negative operating cash flow and a near-doubling of borrowings (total debt ~Rs 30,816 lakhs vs ~Rs 17,180 lakhs) signal significant capex-led leverage that shareholders should monitor.