Please find the attached Outcome of Board Meeting dated 30.05.2025
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The Board of Steelman Telecom Limited, at its meeting held on May 30, 2025, approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2025, with an unmodified opinion from statutory auditor M/s Jay Gupta & Associates. On a standalone basis, total income declined to Rs. 17,745.93 lakhs (from Rs. 19,130.06 lakhs in FY24), but profit after tax rose to Rs. 805.75 lakhs (from Rs. 732.49 lakhs) and EPS improved to Rs. 8.33 (from Rs. 7.57). On a consolidated basis (including Indian subsidiary EC Wheels India Pvt Ltd and Ethiopia-based Steelman Installation Services PLC), the company reported a widened net loss of Rs. 1,204.23 lakhs (vs Rs. 885.98 lakhs loss in FY24), primarily driven by heavy losses in the Cab Hiring subsidiary (Rs. 1,667.64 lakhs loss) and the Ethiopia subsidiary. The Board decided not to recommend any dividend for FY25, noted that Related Party Transaction disclosure under Reg 23(9) does not apply as the company is listed on BSE's SME platform, and re-appointed Mr. Saurabh Basu as Secretarial Auditor and M/s S. Murarka & Co as Internal Auditor for FY26.
The standalone picture is modestly positive with revenue down but profits up, but on a consolidated basis the company deepened losses due to poorly performing subsidiaries (notably Cab Hiring at Rs. 1,667.64 lakh loss and rising debt). Shareholders get no dividend for FY25, and the heavy long-term borrowings (LT borrowings jumped from Rs. 1.02 cr to Rs. 37.5 cr on a consolidated basis) along with negative operating cash flows are concerning risk indicators.