Audited Annual Financial Results for the Financial Year ended March 31, 2025
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Rathi Steel & Power reported FY25 revenue from operations of Rs. 503.15 crore, up modestly from Rs. 493.19 crore in FY24 (about 2% growth). Profit after tax (PAT) came in at Rs. 13.95 crore, down from Rs. 23.53 crore in FY24, mainly because FY24 had a one-time extraordinary income of Rs. 19.84 crore, while FY25 only had a smaller exceptional income of Rs. 4.71 crore (electricity duty refund). Q4 FY25 PAT was Rs. 3.80 crore vs Rs. 20.13 crore in Q4 FY24. Finance costs dropped sharply from Rs. 11.74 crore to Rs. 5.50 crore, showing significant debt reduction. EPS for the year stood at Rs. 1.62 vs Rs. 2.77. The statutory auditor (M. Lal & Co.) issued an unmodified opinion.
Top-line growth is weak and bottom-line declined year-on-year, but this is largely due to the absence of last year's large one-time extraordinary gain. Sharply lower finance costs signal a healthier debt position going forward. Negative operating cash flow (Rs. 11.06 crore outflow vs Rs. 24.15 crore inflow last year) is a watch point, driven by rising inventories and receivables. Overall a mixed bag with the cleaner earnings base being a positive.