Outcome of Board Meeting held on June 04, 2025 for the Audited Standalone Financial Results for the quarter and financial year ended March 31, 2025
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The Board, at its meeting on June 04, 2025, approved the audited standalone financial results for Q4 and full year ended March 31, 2025. Revenue from operations came in at Rs 5,470.69 lakhs for FY25 versus Rs 6,390.56 lakhs in FY24, marking a decline of roughly 14%. Profit before exceptional items and tax rose to Rs 547.02 lakhs (from Rs 239.95 lakhs in FY24). The company recognized exceptional items of Rs 6,013.39 lakhs in Q4 FY25, partly tied to a Rs 736.51 lakh claim from the Government of Gujarat as a registered sick unit. Auditor Manek & Associates issued an unmodified opinion but raised an explicit Going Concern doubt because the company has a negative net worth of Rs 2,866.92 lakhs as on March 31, 2025, and also added an Emphasis of Matter paragraph on the pending government incentive claims. Cash flow from operations was deeply negative at Rs (1,815.95) lakhs. The Board also appointed M/s Loya & Shariff as Secretarial Auditor for 5 years (FY26–FY30) and M/s Shah & Kadam as Internal Auditor for FY26, and took on record the half-yearly Related Party Transactions disclosure and the pending merger scheme with Natroyal Industries (next NCLT hearing June 17, 2025).
Despite positive one-time gains, the company's negative net worth, negative operating cash flow, and explicit going-concern flag from auditors point to serious financial stress. Shareholders should view this as a high-risk situation; near-term stock reaction is likely negative given the distress signals, though the pending merger with Natroyal Industries could be a swing factor if approved.