Outcome of the Board Meeting to approve the Audited Financial Results for the quarter and year ended 31.03.2025
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Prima Industries Ltd's board approved its audited financial results for Q4 and FY ended 31 March 2025 (standalone and consolidated), with statutory auditor G. Joseph & Associates issuing an unmodified opinion. The company swung to a net loss of Rs 2.97 million in FY25 from a profit of Rs 4.55 million in FY24, even as revenue from operations dipped to Rs 75.48 million from Rs 79.37 million. Total income fell sharply to Rs 84.23 million (from Rs 97.45 million) mainly due to a big drop in other income, while operating cash flow turned negative at Rs (9.67 million) versus Rs 5.29 million a year earlier. The auditor flagged two emphasis-of-matter issues: failure to redeem Rs 5.19 crore of preference shares (overdue since July 2022, with an NCLT petition filed in Feb 2025), and an unrecovered Rs 2.81 crore interest-free loan to associate companies that violates Section 185 of the Companies Act. The board also re-appointed Grandmark & Associates as internal auditor and appointed BVR & Associates as secretarial auditor for five years.
Shareholders should note the swing to a loss, weak operating cash generation, and deeply negative other equity (Rs -35.32 million), although the auditor's opinion itself remains unmodified. The regulatory non-compliances on preference share redemption and related-party loans are governance red flags that may concern investors, even though the company is taking corrective steps via the NCLT route.