Intergarted Filling for the quarter ended ended 31.03.2025
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Space Incubatrics Technologies Ltd reported audited FY25 results showing zero revenue from operations, with the company earning only ₹25.36 lakh as 'Other Income' (down from ₹45.07 lakh in FY24), entirely from interest on loans and advances. The company swung to a full-year loss of ₹12.67 lakh (PAT) versus a profit of ₹2.30 lakh last year, with Q4 FY25 alone showing a profit of ₹5.02 lakh. Operating cash flow was deeply negative at ₹(142.49) lakh, funded by new borrowings of ₹113.65 lakh. Other equity remains deeply negative at ₹(2,573.39) lakh against paid-up capital of ₹3,460.92 lakh, meaning accumulated losses have wiped out most of the share capital. The auditor issued an unqualified opinion but flagged an Emphasis of Matter about the wind-up of foreign subsidiary Sybly International FZE and a ₹3,221.69 lakh unrecoverable loan from that subsidiary.
This is a significant red flag for shareholders — the company has no core operating business, generates only interest income on inter-corporate loans, has accumulated losses exceeding 74% of its share capital, and burns cash from operations. The negative net worth and reliance on related-party loans and promoter support raise going-concern concerns, though the Q4 profit and new borrowings provide short-term liquidity.