Integrated Filling (Financial) for the quarter and year ended 31.03.2025.
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Real Growth Corporation reported a sharp turnaround in FY25 with total income jumping to ₹860.86 lakhs from ₹108.92 lakhs in FY24. Profit after tax (PAT) swung to ₹727.64 lakhs from a loss of ₹112.70 lakhs, translating to EPS of ₹18.19 versus (₹2.82) earlier. However, the headline numbers were significantly boosted by a one-time exceptional gain of ₹650.87 lakhs recorded in Q4 FY25; excluding this, pre-exceptional PBT was ₹173.42 lakhs. Notably, core revenue from operations actually fell about 21% to ₹380.45 lakhs (from ₹480.47 lakhs), while 'other income' surged to ₹480.41 lakhs. Total assets on the balance sheet contracted sharply from ₹6,489.95 lakhs to ₹4,303.15 lakhs. Statutory auditors M/s A D Gupta and Associates issued an unmodified (clean) opinion on the standalone results.
The headline turnaround looks dramatic, but shareholders should note that a large exceptional gain drove most of the bottom-line improvement and the core operating revenue actually shrank. The smaller, cleaner balance sheet and clean audit opinion are positives, but the quality of earnings is questionable without clarity on the nature of the exceptional item and the spike in other income.