Annual Report
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Pulsar International Ltd submitted its 34th Annual Report for FY ending March 31, 2025. Total income rose sharply to Rs. 3,117.04 lakhs from Rs. 1,978.10 lakhs in FY24, a growth of around 58%. However, profit after tax slipped marginally to Rs. 176.57 lakhs from Rs. 179.98 lakhs, as margins came under pressure. The company executed a 1:10 share sub-division and a 1:10 bonus issue during the year, and shifted its registered office from Maharashtra to Gujarat. No dividend was recommended. The statutory auditor (H.G. Sarvaiya & Co.) issued a clean report with no qualifications, though the secretarial auditor flagged delays in newspaper publication of quarterly results, which the management attributed to logistical issues.
Strong revenue growth is a positive sign, but the slight dip in profits and margin compression may concern shareholders looking at profitability. Bonus shares already issued, and no dividend means investors rely on capital appreciation. Clean audit report supports credibility, but the secretarial compliance lapse on timely newspaper publication is a minor governance red flag.