Audited Financial Statements (Standalone and Consolidated) for the quarter and year ended March 31, 2025
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The company reported a turnaround to profitability for FY25 after a loss-making FY24. On a standalone basis, net profit was ₹132.36 lakhs vs a loss of ₹212.94 lakhs, while consolidated net profit was ₹124.94 lakhs vs a loss of ₹204.07 lakhs. The swing to profit was driven mainly by a sharp rise in 'other income' to ₹337.52 lakhs (standalone), largely from profit on sale of shares in a subsidiary, rather than core operations. Revenue from operations actually declined — standalone fell 8% to ₹345 lakhs and consolidated fell sharply (~66%) to ₹358.76 lakhs. The auditor gave an unmodified (clean) opinion, but flagged an Emphasis of Matter regarding Prime Mall Developers (a 50% partner firm) where a 2007 construction contract was cancelled, resulting in forfeiture of a ₹27.19 crore advance from Reliance Prolific Traders, now pending arbitration at the Madras High Court. Reserves remain negative (standalone: ₹(589.72) lakhs; consolidated: ₹(839.89) lakhs), and standalone operating cash flow turned negative at ₹(94.68) lakhs.
Short-term positive optics from the swing to profit, but the improvement is largely non-operating in nature (asset/divestment gains), while core revenue shrank and reserves remain in the red — limiting the bullish read. The pending ₹27.19 crore arbitration is a key overhang for shareholders to watch.