Standalone results attached herewith.
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Sera Investments & Finance India (formerly Kapashi Commercial) reported audited results for FY25. Total income declined sharply to about Rs. 1,158.87 lakhs from Rs. 2,286.92 lakhs in FY24, a drop of roughly 49%. Profit after tax collapsed to just Rs. 6.22 lakhs from Rs. 1,787.02 lakhs, dragged by a Rs. 527.99 lakh impairment on financial instruments and higher finance costs of Rs. 178.06 lakhs. On the positive side, the company booked a massive unrealized gain of about Rs. 27,019 lakhs in other comprehensive income from the fair value revaluation of its 50 lakh shares in Sri Adhikari Brothers Television Network Ltd, which boosted total equity to Rs. 29,393.95 lakhs from Rs. 6,913.74 lakhs. The board also approved the appointment of a new Interim CEO and Independent Director, the resignation of an existing Independent Director, and the allotment of 4.93 lakh equity shares on conversion of warrants. The statutory auditor gave an unmodified (clean) opinion on both standalone and consolidated results.
Core operations have clearly weakened, with revenue down nearly half and profit after tax almost wiped out, which is a red flag for shareholders. However, the company's net worth has expanded sharply on paper due to an unrealized gain on its listed Sri Adhikari Brothers stake, so the stock may swing between concern over weak operations and excitement over the large investment gain.