Considered and approved the Audited Standalone Financial Results of the Company for the half year and Year ended on March 31, 2025
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Sun Retail Limited's board approved its audited standalone financial results for the half year and full year ended March 31, 2025. Total revenue collapsed to Rs. 4,377.08 lakhs in FY25 from Rs. 10,218.15 lakhs in FY24, a sharp drop of about 57%. Reported profit before tax was only Rs. 16.31 lakhs (vs Rs. 111.71 lakhs in FY24), and this was only positive because the company booked Rs. 265.88 lakhs as an extraordinary income from waiver of liability. Excluding this one-time item, the company actually made a small loss of Rs. 20.04 lakhs. The statutory auditor, DDS & Associates, issued a Qualified (Modified) Opinion citing multiple concerns, including Rs. 1,162 lakhs of unsecured interest-free advances without loan agreements, lack of MSME creditor classification under the MSMED Act, an unexplained outstanding TDS balance of Rs. 24.33 lakhs, and Rs. 11.19 lakhs of receivables and payables written off without party confirmations. Operating cash flow was also negative during the year.
The qualified auditor opinion, steep revenue fall, and reliance on a one-time waiver of liability to stay profitable are red flags for shareholders. Underlying operations were loss-making in FY25, which could weigh on the stock and signal financial stress at the company.