Results - Financial Results for Mar 31, 2025
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Step Two Corporation, a Kolkata-based NBFC, reported audited results for FY25. Total income jumped sharply to Rs 604.72 lakhs from Rs 84.14 lakhs in FY24, driven mainly by a one-time gain of Rs 474.42 lakhs on derecognition of financial instruments (sale of investments). Profit after tax swung from a loss of Rs 157.97 lakhs to a profit of Rs 215.66 lakhs, translating to EPS of Rs 5.08 versus negative Rs 3.72 last year. Total assets stood at Rs 569.65 lakhs with equity share capital of Rs 459.68 lakhs and no borrowings on the balance sheet. The statutory auditor (M K Kothari & Associates) issued an unmodified (clean) opinion on the results. The board also approved the Directors' Report and appointed a new internal auditor and secretarial auditor.
The headline turnaround from loss to profit looks impressive, but it is largely fuelled by a one-time investment gain rather than recurring business income. Investors should note that operating cash flow was negative at Rs 42.22 lakhs, indicating core operations are still consuming cash. Short-term sentiment may get a boost from the swing to profit, but sustainability of earnings remains questionable.