Audited Financial Results for the quarter ended and year ended 31st March, 2025 along with the Independent Auditors Report
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Shahi Shipping reported a sharp swing to loss for FY25, with revenue from operations falling to Rs 10.58 crore from Rs 12.43 crore last year, a decline of about 15%. Total revenue dropped to Rs 10.69 crore from Rs 13.74 crore. The company booked exceptional items of Rs 5.77 crore, mainly write-offs of a Rs 6.45 crore interest subsidy receivable (recovery uncertain) and a Rs 2.10 crore dry dock capital work-in-progress where the lease expired. Profit before tax crashed from a positive Rs 2.45 crore to a loss of Rs 3.73 crore, and net loss for the year came in at Rs 3.57 crore versus a profit of Rs 2.59 crore last year. Basic EPS turned negative at Rs (2.46). Notably, the company's letter claims an unmodified auditor opinion, but the auditor's own report states the opinion is modified due to weak internal financial controls over financial reporting and other matters.
Shareholders face a loss-making year with declining core revenue, large one-time write-offs, and eroding equity, which is now largely offset by accumulated losses. The auditor's modified opinion and flagged internal control weaknesses are red flags that could pressure the stock and raise concerns about financial reporting quality.