Approved Audited Financials as on 31st March 2025 along with the unmodified Auditor''s Report and declaration by Company.
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Sarup Industries Limited, a shoe and shoe-upper maker based in Jalandhar, reported a strong turnaround in FY25. Total income from operations rose to Rs. 1,602.53 lakhs from Rs. 1,161.00 lakhs in FY24, a growth of about 38%. The company swung to a net profit of Rs. 478.87 lakhs from a loss of Rs. 170.48 lakhs last year, and EPS improved to Rs. 14.72 from negative Rs. 5.24. Q4 alone saw total income grow to Rs. 489.49 lakhs (vs Rs. 384.80 lakhs in Q4 FY24) and net profit jump to Rs. 42.54 lakhs from Rs. 10.87 lakhs. However, a large part of the annual profit was boosted by an exceptional item of Rs. 413.99 lakhs (PPE scrapped/written off); profit before exceptional items and tax was only Rs. 45.15 lakhs. Auditor M/s Y.K. SUD & Co issued an unmodified opinion but flagged two emphasis-of-matter items: (a) conversion of Rs. 1,619.63 lakhs of Capital WIP (mall under construction) into stock-in-trade, and (b) Rs. 90.24 lakhs of interest paid to related parties out of total interest of Rs. 134.91 lakhs.
The swing from loss to profit is a clear positive for shareholders, with revenue and operating margins both improving sharply. However, most of the reported profit comes from an exceptional item and the company's other equity remains negative at Rs. -626.42 lakhs, while heavy related-party interest payments and the unusual Capital WIP-to-inventory conversion are red flags worth monitoring closely.