Audited Financial Results for the quarter and year ended 31.03.2025
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Raja Bahadur International reported audited FY25 results with revenue from operations rising about 31% year-on-year to Rs. 2,774.66 lakhs (from Rs. 2,122.71 lakhs in FY24), helped by a strong Q4 where revenue grew 22.5% to Rs. 710.23 lakhs. Despite this top-line growth, the company swung to a standalone net loss of Rs. 94.78 lakhs in FY25, against a profit of Rs. 125.88 lakhs in FY24, mainly because finance costs jumped roughly 65% to Rs. 1,667.34 lakhs. Profit before tax slipped to Rs. 153.98 lakhs from Rs. 165.17 lakhs, and reserves remain negative at Rs. (344.12) lakhs, deeper than last year's Rs. (251.17) lakhs. On the balance sheet, total assets grew to Rs. 24,123.86 lakhs but were funded mostly by debt, with non-current borrowings rising to Rs. 19,404 lakhs from Rs. 13,292 lakhs; the company separately disclosed qualified (large) borrowings rising from Rs. 136.44 crore to Rs. 198.59 crore during the year. The auditor (Jain P.C. & Associates) issued an unmodified opinion on both standalone and consolidated results, and the board appointed two relatives of the CMD as additional Whole-Time Directors.
Strong revenue growth is being completely offset by sharply higher interest costs, pushing the company into a net loss for FY25 with negative reserves and a heavily debt-loaded balance sheet — this is a red flag for shareholders despite clean audit opinion. The related-party director appointments may also raise governance concerns for minority investors.