AUDITED RESULTS FOR THE YEAR ENDED 31.3.2025
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SPEL Semiconductor reported audited FY25 results with total income of Rs 951.90 lakhs, down from Rs 1,341.37 lakhs in FY24, a decline of about 29%. Net loss widened sharply to Rs 2,104.66 lakhs from Rs 1,678.74 lakhs, translating to an EPS of minus Rs 4.56. The company booked exceptional items of Rs 1,257.14 lakhs, mainly inventory write-offs. Cash flow from operations remained deeply negative at minus Rs 167 lakhs, and other equity has eroded to minus Rs 33.20 crores against a paid-up capital of Rs 46.12 crores. The statutory auditor issued a qualified opinion, flagging material uncertainty on the company's ability to continue as a going concern due to recurring losses and negative cash flows. Management plans to monetise 8.14 acres of surplus lease land and await India Semiconductor Mission 2.0 incentives to fund expansion. The board also approved raising authorised capital from Rs 60 cr to Rs 66.95 cr, issuing redeemable preference shares to promoter A C Muthiah by converting Rs 6.95 cr of loans, and appointed Mr. T. Parthasarathy as CFO.
Negative for shareholders: revenue is shrinking, losses are growing, the auditor has flagged a going concern risk, and promoter loan-to-equity conversion signals continued reliance on promoter support. Shareholders should watch for progress on the land sale and ISM 2.0 incentives, as these are critical to the company's survival plan.