Outcome of Meeting of Board of Directors of Sterling Greenwoods Limited (''Company'') held on Friday, 6th June, 2025
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Sterling Greenwoods' board, meeting on June 6, 2025, approved the audited standalone and consolidated financial results for Q4 and FY ended March 31, 2025. The statutory auditor (Keyur Bavishi & Co.) issued a qualified opinion, flagging that the accounting software's edit log/maker-checker controls are not fully implemented, resort asset impairment has not been ascertained, and the impact is unquantifiable. FY25 standalone revenue fell sharply to Rs. 144.95 lakh from Rs. 249.56 lakh in FY24 (down ~42%), and the company reported a standalone net loss of Rs. 88.08 lakh for FY25 (vs loss of Rs. 183.60 lakh in FY24). Q4 FY25 turned profitable at Rs. 76.45 lakh net profit, largely due to a Rs. 20.87 lakh deferred tax credit. The auditor also highlighted ongoing legal cases, an NCLT order, a Rs. 17.55 lakh FIR-related fraud by a former resort manager, ex-director settlements of Rs. 1.50 crore, and pending GST dues of Rs. 16.20 lakh.
Shareholders should note the qualified audit opinion and weak fundamentals — revenue is shrinking, the company is loss-making on a full-year basis, borrowings exceed equity (debt-equity 1.30x), and the current ratio is a very low 0.39, signalling short-term liquidity stress. These factors could weigh on the stock and raise concerns about the company's ability to continue as a going concern.