Sapphire Foods India Limited has informed the Exchange regarding Outcome of Board Meeting held on May 07, 2025.
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Awaiting price reaction for this filing.
Sapphire Foods reported consolidated FY25 revenue from operations of Rs 2,881.9 crore, up ~11% from Rs 2,594.3 crore in FY24. However, consolidated profit after tax fell sharply to Rs 16.7 crore from Rs 51.96 crore, hit by exceptional items of Rs 15.3 crore related to impairment of assets in a Sri Lankan subsidiary (Gamma Island Foods) and goodwill impairment of a KFC store being closed. On a standalone basis, the company swung to a loss of Rs 6.32 crore in FY25 versus a profit of Rs 50.77 crore last year. The Board appointed Deloitte Haskins & Sells as new statutory auditors for 5 years (from FY26), replacing SRBC & Co whose term ended, and appointed Alwyn Jay & Co as secretarial auditors. Mr. Puneet Bhatia (SVP, Business Development) resigned, with Ms. Nandita Bapat Avadhoot taking over the function. A significant GST demand of Rs 112.7 crore (tax plus penalty) was received on January 31, 2025, against which the company has filed an appeal and made no provision.
Mixed to negative for shareholders: while topline grew steadily, sharp PAT compression and a standalone loss raise concerns about margin pressure and cost growth. The large GST demand and impairments add to risk overhang, though the appointment of a Big-4 auditor (Deloitte) and clean audit opinion are positives.