Statement of Deviation
Price
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Awaiting price reaction for this filing.
Shyamkamal Investments, a registered NBFC, reported a sharp turnaround for FY25 with net profit of ₹50.32 lakhs versus a loss of ₹21.06 lakhs in FY24. Net sales from operations jumped to ₹158.15 lakhs (from ₹0.91 lakhs) and total income rose to ₹186.32 lakhs. Q4 alone delivered a profit of ₹104.80 lakhs against a ₹35.37 lakh loss in Q3. Total assets more than quadrupled to ₹1,964.69 lakhs, but borrowings spiked from ₹32.67 lakhs to ₹1,207.57 lakhs (debt-equity ratio 1.61), and the current ratio slipped to a weak 0.16. Operating cash flow remained negative at ₹(25.87) lakhs. The statutory auditor issued a Qualified Opinion flagging (i) incomplete audit-trail software migration and (ii) inability to independently verify ₹80 lakhs outstanding from a joint-venture counterparty. Funds raised via September 2024 preferential issue (₹3.36 crores) were fully utilised towards stated objects with no deviation reported.
While headline profitability has flipped to a strong profit, shareholders should note the qualified audit opinion (especially the unconfirmed ₹80 lakh receivable), the very high leverage at 1.61x, a critically low current ratio of 0.16, and continued negative operating cash flow — these raise concerns about balance-sheet sustainability despite the earnings recovery.