AUDITED RESULTS FOR THE QUARTER ENDED 31.3.2025
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Awaiting price reaction for this filing.
SPEL Semiconductor, a Chennai-based IC Assembly & Test company, reported sharply weaker FY25 results with total income falling to Rs. 951.90 lakhs from Rs. 1,341.37 lakhs in FY24, a decline of roughly 29%. Revenue from operations dropped about 34% to Rs. 786.42 lakhs. The company posted a net loss of Rs. 2,104.66 lakhs for FY25, wider than the Rs. 1,678.75 lakhs loss in the previous year, with loss per share at Rs. 4.56. Exceptional items of Rs. 1,257.14 lakhs mainly reflect an inventory write-off. Net worth has eroded to just Rs. 1,291.26 lakhs with negative other equity of Rs. 3,320.48 lakhs, while total borrowings of around Rs. 31 crores dwarf the equity base. The statutory auditor Venkatesh & Co issued a Qualified Opinion, flagging material uncertainty on the company's ability to continue as a going concern due to persistent losses and negative cash flows. The board also approved converting Rs. 6.95 crores of loans from promoter Mr. A C Muthiah into redeemable preference shares and appointed Mr. T. Parthasarathy as the new CFO.
This is a negative filing for shareholders — a qualified audit opinion with a going-concern doubt, deeper losses, falling revenue, and a severely eroded net worth signal serious financial stress. The loan-to-equity conversion by the promoter provides some short-term relief but does not fix the core profitability problem, so near-term stock sentiment is likely to remain weak.