We would like to inform you that the Board of Directors ('the Board') of the Company at its meeting held today i.e. May 29, 2025 inter-alia has approved the following: - Audited Financial ....
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SBEC Sugar's Board on May 29, 2025 approved audited standalone and consolidated results for Q4 and FY ended March 31, 2025, along with re-appointment of M/s Thakur Vaidyanath Aiyar & Co. as Internal Auditors for FY26. The statutory auditor (Doogar & Associates) issued a Qualified Opinion on both sets of results, flagging three key issues: (1) non-provision of interest on late cane dues of Rs. 4,125.57 lakhs for FY25, (2) Rs. 14,685.98 lakhs exposure to Modi Industries Limited whose net worth is fully eroded, and (3) Rs. 2,312.28 lakhs overstatement of inventory by valuing at NRV instead of lower of cost/NRV. Standalone, the company swung to a net loss of Rs. 1,178.61 lakhs in FY25 from a profit of Rs. 465.02 lakhs in FY24, with revenue declining to Rs. 62,108.64 lakhs from Rs. 64,387.80 lakhs. Adjusted for audit qualifications, the loss would balloon to Rs. 3,490.89 lakhs and EPS would be Rs. (7.33) vs reported (2.47). Net worth is deeply negative at Rs. (6,103) lakhs.
Shareholders should be cautious - the auditor's qualifications materially worsen the reported picture and the negative net worth signals deep financial stress. The unresolved exposure to MIL and pending cane dues interest waiver (sub-judice since 2018) are open risks that could materially impact future earnings and equity. Stock may face negative sentiment due to the disclosed audit qualifications.