Outcome of Board meeting held on 22.05.2025
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The Board approved audited standalone and consolidated financial results for Q4 and FY ended March 31, 2025, with the auditor (Jain P.C. & Associates) issuing an unmodified opinion. Revenue from operations grew about 30.7% YoY to Rs. 2,774.66 lakhs (FY24: Rs. 2,122.71 lakhs), but the company slipped into a net loss of Rs. 94.78 lakhs for FY25 versus a profit of Rs. 125.88 lakhs in FY24, driven by a sharp jump in finance costs to Rs. 1,667.34 lakhs (up ~65%). The balance sheet shows reserves and surplus at a negative Rs. 344.12 lakhs and non-current borrowings swelling to Rs. 19,404 lakhs (FY24: Rs. 13,292 lakhs). The Board also appointed Mr. Umang Pittie and Mr. Vaibhav Pittie, both relatives of CMD Shridhar Pittie, as Additional Whole-Time Directors for three years, and disclosed under SEBI's large corporate framework that qualified borrowings rose from Rs. 136.44 Cr to Rs. 198.59 Cr.
Despite strong top-line growth, shareholders should note the swing to a net loss, deeply negative reserves, and a leveraged balance sheet where debt dwarfs equity — a combination that raises solvency concerns even though the auditor gave a clean opinion. The Pittie-family director appointments reinforce promoter control but add to related-party concentration on the board.