The Board of Directors in its meeting held on Wednesday, 28th May, 2025 at 4.00 p.m. The following matters where discussed at the meeting: 1. Audited Statement of Financial Results for ....
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The Board of Rapid Investments Ltd, at its meeting held on 28th May 2025, approved the audited financial results for the quarter and financial year ended 31st March 2025. The company reported a Profit After Tax of Rs 35.66 lakhs for FY25, up sharply from Rs 20.31 lakhs in FY24, a growth of roughly 75%. Total income from operations stood at around Rs 197 lakhs for the full year. The auditor, Valawat & Associates, issued an unmodified (clean) opinion on the results. However, the auditor flagged an Emphasis of Matter regarding a loan purchase agreement with Veritas Buildtech Private Limited, where Rs 75,444 of overdue interest was reversed and Rs 16.20 lakhs of principal was shown as recoverable, with no provision made. The company also completed a Rights Issue of Rs 839.74 lakhs on 22nd October 2024, with proceeds deployed for the stated objects.
Strong PAT growth and a clean audit opinion are positive for shareholders, but the Emphasis of Matter on an unrecovered NPA loan from Veritas Buildtech raises some concern about asset quality and recoverability. Overall, the results indicate improved profitability and strengthened balance sheet following the rights issue.