Outcome of the Board meeting held on May 28, 2025 - Results - Financial Results for the quarter and year ended March 31, 2025
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Richfield Financial Services Ltd (an NBFC) reported audited results for FY25 with total income of ₹503.08 lakhs, up ~155% from ₹197.26 lakhs in FY24, driven mainly by interest income of ₹391.10 lakhs. However, profit after tax fell sharply to ₹12.54 lakhs (EPS ₹0.17) from ₹64.78 lakhs (EPS ₹1.73) in FY24, as expenses surged to ₹489.58 lakhs from ₹113.36 lakhs due to higher employee costs and operating expenses. The balance sheet expanded to ₹3,510 lakhs (from ₹1,021 lakhs) with loans growing to ₹2,835 lakhs, funded through ₹2,135 lakhs of subordinated debt and ₹445.70 lakhs of NCDs. Operating cash flow was deeply negative at -₹2,102.40 lakhs, with the gap filled by debt raising. The auditor (A. John Moris & Co.) gave an unmodified opinion. The board also approved issue of subordinated debts for FY26 and shifting of the registered office from West Bengal to Tamil Nadu.
Despite strong top-line growth driven by loan book expansion, profitability collapsed with PAT down ~80% YoY, signalling margin compression as the NBFC scales up. The heavy reliance on subordinated debt and negative operating cash flow suggest aggressive growth funded by borrowings, which may raise concerns about asset quality and sustainability for shareholders.