Outcome of the Board Meeting held today along with Financial Results for March 31, 2025
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Awaiting price reaction for this filing.
The Board of Step Two Corporation met on May 27, 2025 and approved audited financial results for Q4 FY25 and the full year ended March 31, 2025, along with the Directors' Report. Total revenue from operations jumped sharply to Rs. 492.33 lacs in FY25 from just Rs. 6.72 lacs in FY24, while total income rose to Rs. 604.72 lacs (vs Rs. 84.14 lacs). Despite the big top-line jump, the company reported a marginal loss for the year (basic EPS of about Rs. (0.05)), as expenses, especially net loss on derecognition of financial instruments (~Rs. 549.69 lacs), weighed on the bottom line. The statutory auditor issued an unmodified (clean) opinion, and the company declared non-applicability of audit qualification. The Board also appointed Mr. Nitin Gami as Internal Auditor for FY26 and Mr. Navneet Jhunjhunwala as Secretarial Auditor for FY25.
Investors get a clean audit opinion and a dramatic revenue surge, but profitability remains weak with a marginal loss and negative operating cash flow of Rs. 42.22 lacs, suggesting quality of earnings is questionable. Auditor changes may be routine but warrant a watch for any governance signals.