Standalone and Consolidated Financial Statements for the quarter and year ended on 31.03.2025
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Sterling Greenwoods Limited reported audited results for Q4 and FY ending 31 March 2025, with both standalone and consolidated numbers receiving a Qualified Opinion from auditor Keyur Bavishi & Co. Total operating income for the year fell sharply to Rs. 144.95 lakhs from Rs. 249.56 lakhs in the previous year, a drop of about 42%. The company continued to post losses, though smaller than before — standalone loss after tax narrowed to Rs. 88.08 lakhs from Rs. 183.60 lakhs, with EPS at Rs. (2.06) versus Rs. (4.28). The auditor flagged non-implementation of maker-checker controls in the accounting software and the absence of an impairment assessment for certain resort assets. The report also highlights multiple unresolved legal matters, including NCLT proceedings, old civil suits over FY 2009-10 asset transfers, an FIR against a former resort manager, and a Rs. 16.20 lakh pending GST liability. Debt-equity ratio stands high at 1.30.
Negative signals dominate — qualified audit opinion, shrinking revenue, continued losses, high leverage, and several unresolved legal/regulatory issues may weigh on investor confidence. The narrowing of losses is a modest positive but unlikely to drive a re-rating until revenue stabilizes and legal overhangs clear.