Kindly find the enclosed revised financial results for the half year and year ended March 31, 2025
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SVS Ventures has re-filed its audited results for FY25 after correcting clerical errors in the original May 27 submission. Total revenue collapsed to just Rs 8.81 lakhs in FY25 from Rs 149.23 lakhs in FY24, with revenue from operations being zero — the company has not started any infrastructure projects, its stated main business. Profit after tax for FY25 was Rs 7.56 lakhs (vs Rs 8.33 lakhs). Despite an 'unmodified' auditor opinion, the auditor's Annexure 1 flags multiple serious issues: Rs 1,621.71 lakhs in short-term loans to nine related parties in possible violation of Companies Act Sections 177/185/186/188/189; Rs 933.40 lakhs invested in three related parties from IPO proceeds with no income or recovery till date; Rs 25.79 lakhs unconfirmed supplier advances; non-compliance with audit trail software rules; and work-in-progress stock inflated by Rs 40.50 lakhs via journal entries. Operating cash flow turned positive at Rs 104.47 lakhs.
This is a high-risk, governance-weak micro-cap. Zero operating revenue, heavy related-party lending out of IPO funds, and non-compliance with multiple Companies Act provisions are serious red flags for shareholders. The 'unmodified' opinion may give false comfort — the auditor's detailed annexure essentially describes misuse of public issue money. Stock should be treated with extreme caution.