Outcome of the Board Meeting held on May 09, 2025 to consider and approve inter-alia, the Audited Financial Results for the half year and year ended March 31, 2025 and approval for raising funds.
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The Board approved audited financial results for the half year and year ended March 31, 2025, along with a proposal to raise up to Rs. 15 Crores through equity shares or other eligible securities via QIP, preferential issue, rights issue, or private placement, subject to shareholder approval. Statutory auditors M/s Khandelwal Jain & Associates issued an unmodified opinion on the results. For FY25, revenue from operations surged to Rs. 12,634.80 lakhs from Rs. 5,050.94 lakhs in FY24, while profit after tax jumped to Rs. 2,880.68 lakhs from Rs. 845.85 lakhs. The company changed its Shop-in-Shop business model with related party P.N. Gadgil & Sons Ltd from FOCO (Franchisee Operated-Company Owned) to FOFO (Franchisee Owned-Franchisee Operated), making current period figures not directly comparable to prior periods. The company now operates 31 franchisee stores, 51 SIS locations, and 14 exclusive brand stores.
Strong headline growth in revenue and profits, though partly driven by a business model shift that now records gross wholesale sales to a related party rather than net retail sales — investors should compare like-for-like rather than rely on reported figures. The proposed Rs. 15 Crore fund raise signals potential dilution ahead, but could support expansion of exclusive brand stores and working capital needs.