Attached herewith are the Audited Financial Results along with Independent Auditor''s Report for the half year and year ended on 31st March, 2025.
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Shiva Granito Export reported FY25 revenue from operations of Rs. 860.49 lakhs, up ~58% from Rs. 543.67 lakhs in FY24, driven by higher sales. However, profit before tax collapsed to just Rs. 7.28 lakhs (from Rs. 116.82 lakhs) and net profit fell ~97% to Rs. 2.48 lakhs, as expenses surged and other income dropped sharply. EPS for the year stood at Rs. 0.02 versus Rs. 0.63 last year. The company raised Rs. 821.50 lakhs via share warrants during the year, boosting total equity to Rs. 2,326 lakhs. The auditor issued a Qualified Opinion flagging three issues: no expected credit loss provision on trade receivables (~Rs. 376.90 lakhs overstated), no MSME interest provision, and no gratuity provision — all repetitive qualifications. Cash flow from operations turned deeply negative at Rs. (764.85) lakhs versus positive Rs. 734.12 lakhs last year.
Despite top-line growth, profitability has nearly evaporated and the company is burning cash from operations, raising concerns about earnings quality. The qualified opinion and repeated audit qualifications suggest structural weaknesses in receivables management and compliance that shareholders should watch closely. Near-term stock sentiment is likely negative given collapsing margins and cash burn.