Appointment of Bhattacharya Das and Co., Chartered Accountants (FRN: 307077E) as the Statutory Auditors of the Company for a term of five consecutive years commencing from conclusion of ....
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Starlog Enterprises' board approved audited financial results for Q4 and FY ended March 31, 2025, reporting a standalone profit after tax of Rs. 2,706.37 lakhs versus a loss of Rs. 96.24 lakhs in FY24. The swing to profit was almost entirely driven by exceptional items of Rs. 2,887.26 lakhs, which include gains on sale of land and machinery, write-back of excess GST interest provisions, and one-time settlements on certain borrowings. Excluding these one-offs, the company would have posted a pre-tax loss of Rs. 180.89 lakhs. Revenue from operations grew modestly to Rs. 1,199.16 lakhs from Rs. 1,141.45 lakhs. The board also appointed Bhattacharya Das and Co. (FRN: 307077E) as the new statutory auditor for five years through 2030, subject to shareholder approval, and Mr. Ritul Parmar as secretarial auditor for FY26–FY30. The 41st AGM is scheduled for June 12, 2025. The auditor flagged several concerns including a Rs. 66.27 crore shortfall undertaking invoked by a subsidiary's lender (sub-judice) and a shareholding discrepancy in associate South West Port Limited (26% shown vs. 10% on SWPL books).
The headline return to profit is misleading as it is driven by one-time asset sales and write-backs rather than improved core operations. The auditor's emphasis-of-matter flags on a large sub-judice loan shortfall and associate-shareholding disputes are risks shareholders should watch closely. The auditor rotation to Bhattacharya Das and Co. after a clean opinion from Gupta Rustagi & Co. appears routine but warrants monitoring of transition quality.