Pursuant to Regulations 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('SEBI LODR'), please be informed that the Board of Directors of the Company ....
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The Board of Directors of Prime Urban Development India Ltd approved the audited Standalone and Consolidated Financial Results for the quarter and year ended March 31, 2025, at a meeting held on May 29, 2025. Statutory Auditor M/s. L.U. Krishnan & Co issued an unmodified (clean) opinion on the results. For the standalone FY25, the company reported total income of Rs. 682.52 lakhs (vs Rs. 475.17 lakhs in FY24) and swung to a net profit of Rs. 125.95 lakhs from a loss of Rs. 212.94 lakhs in FY24, with EPS of Rs. 0.50. On a consolidated basis, total income fell sharply to Rs. 628.94 lakhs (vs Rs. 1,105.79 lakhs) but the group also turned profitable with a net profit of Rs. 118.41 lakhs vs a loss of Rs. 205.76 lakhs. The auditor flagged an Emphasis of Matter regarding Prime Mall Developers (a 50% partnership firm), where a 2007 mall construction contract with M/s. Reliance Prolific Traders Pvt Ltd was cancelled on 31.08.2024, resulting in forfeiture of an Rs. 27.19 crore advance, with the matter pending Arbitration at the Madras High Court.
Clean (unmodified) audit opinion is positive, but the company remains loss-making at the reserves level (standalone reserves at negative Rs. 589.72 lakhs) and standalone operating cash flow was negative (Rs. 94.68 lakhs). The reliance-related arbitration could materially impact future earnings if resolved unfavourably, though it may also yield a Rs. 13–14 crore gain (50% share) if resolved positively.