Outcome of the Board Meeting dated May 28, 2025 under Regulation 30 and 33 of the SEBI (LODR) Regulation, 2015
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Spice Islands Industries reported audited FY25 results with total income of Rs. 297.87 lakhs versus Rs. 132.98 lakhs in FY24, more than doubling. However, revenue from core operations actually declined to Rs. 77.87 lakhs from Rs. 89.81 lakhs, with the growth driven entirely by a sharp jump in other income to Rs. 220 lakhs from Rs. 43.17 lakhs. Profit after tax rose to Rs. 47.73 lakhs from Rs. 31.86 lakhs (EPS Rs. 1.11 vs Rs. 0.74). The company operates three new segments — EV renting (Rs. 3.67 lakhs), food and beverages (Rs. 49.69 lakhs), and hospitality (Rs. 24.51 lakhs) — all of which began during the year. The statutory auditor issued an unmodified opinion, though flagged that the audit trail feature in Tally was not enabled and that Rs. 6.28 lakhs due to the IEPF for FY21-FY23 remains unpaid. The board also allotted 19.33 lakh share warrants at Rs. 45 each in October 2024, bringing in Rs. 217.50 lakhs, and approved the 37th AGM.
The headline profit growth looks healthy but masks weak core operations — revenue from operations actually shrank, and most earnings came from other income (possibly non-recurring). The accumulated losses in Other Equity narrowed but remain negative at Rs. (194.30) lakhs. Shareholders should view the improved bottom line cautiously given the dependence on non-operating income and operational losses across all three new segments.