Praxis Home Retail Limited has informed the Exchange regarding Outcome of Board Meeting held on May 12, 2025.
PRAXIS · price
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Awaiting price reaction for this filing.
Praxis Home Retail reported FY25 revenue from operations of Rs 118.97 crore, down sharply from Rs 219.58 crore in FY24 (a ~46% decline). The net loss narrowed to Rs 34.98 crore from Rs 85.71 crore, helped by a Rs 37.71 crore write-back of trade payables and provisions. The statutory auditor, Singhi & Co., issued a Disclaimer of Opinion on the financial statements, citing inability to verify Rs 101 crore of security deposits owed by a related party (Future Enterprises Ltd, now in IBC), Rs 94.17 crore of unconfirmed trade payables, lack of impairment assessment on Rs 125.81 crore of Right-of-Use assets, and inventory verification issues at closed stores. The company's net worth is negative at Rs -61.49 crore, it posted a cash loss of Rs 45.42 crore, and current liabilities exceed current assets by Rs 93.11 crore. The auditor has flagged material uncertainty on the company's ability to continue as a going concern, noting an IBC notice has been received from an operational creditor. The CFO also resigned effective April 30, 2025.
This is a deeply concerning filing for shareholders: revenue nearly halved, losses persist, the auditor refused to give an opinion, net worth is fully eroded, and going concern is in doubt with an IBC notice pending. The stock faces heightened risk of insolvency proceedings, and investors should expect continued volatility and possible dilution from the planned Rights Issue.