Outcome of Board Meeting held on Monday, May 12, 2025.
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The board approved audited standalone and consolidated financial results for Q4 and FY ended March 31, 2025 with an unmodified auditor opinion. Standalone revenue from operations rose modestly to ₹1,199.16 lakhs (vs ₹1,141.45 lakhs last year), but the company reported a loss before exceptional items of ₹180.89 lakhs, which turned into a profit after tax of ₹2,706.37 lakhs (vs ₹96.24 lakhs loss last year), driven entirely by exceptional items of ₹2,887.26 lakhs. Consolidated PAT was ₹2,607.61 lakhs (vs ₹270.14 lakhs loss), with basic EPS of ₹22.62. The board appointed new statutory auditors Bhattacharya Das and Co. for five years and Mr. Ritul Parmar as Secretarial Auditor, while fixing June 12, 2025 for the 41st AGM. The auditor flagged multiple emphasis-of-matter items including a disputed ₹12.01 crore investment in South West Port Limited, a ₹6,627.20 lakh shortfall undertaking invoked by a subsidiary's lender (sub-judice), and non-consolidation of West Quay Multiport Private Limited.
Shareholders should note that profitability is almost entirely propped up by one-time exceptional gains (sale of land/machinery, write-backs, OTS settlements), while core operations remain loss-making and operating cash flow turned sharply negative to ₹(2,182.93) lakhs standalone and ₹(1,646.40) lakhs consolidated. The auditor's emphasis-of-matter points and a change in statutory auditor warrant close attention, but the new auditor appointment and AGM going ahead suggest continuity.