Please find attached results for the quarter ended 31st March, 2025
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Toyam Sports Ltd reported a deeply negative FY25 on both standalone and consolidated bases. Standalone net loss for the year was Rs 4,210.57 lakhs versus a profit of Rs 111.79 lakhs in FY24, driven largely by a Rs 2,832.92 lakh exceptional impairment on its investment in Pacific Star Sports Services LLC. Consolidated revenue collapsed from Rs 2,870.20 lakhs to Rs 772.61 lakhs (around 73% decline), and consolidated net loss widened to Rs 4,795.50 lakhs, including an additional Rs 2,659.19 lakh goodwill impairment. The statutory auditor (Manoj Vatsal & Co.) issued a qualified opinion, flagging missing ECL provisioning on loans, no impairment analysis under Ind AS 36, likely non-compliance with RBI Act (since financial assets exceed 50% of total assets), ongoing SEBI notices with ED having frozen some shares, unpaid professional tax and TDS, and unassessed merchandising benefits. The auditor also highlighted that 2,161 lakhs worth of share warrants lapsed in Q3 FY25 due to non-payment, and that the Company Secretary and CFO have both resigned during the year. Operating cash flow was negative on both bases (Rs -134 lakhs standalone, Rs -511 lakhs consolidated).
Shareholders face a very weak set of numbers: a swing from profit to large loss, revenue nearly wiped out at the consolidated level, multiple auditor qualifications pointing to weak internal controls and regulatory exposure (SEBI/ED/RBI), large impairment write-downs, and senior management resignations. This raises serious going-concern and governance red flags that could weigh on the stock and investor confidence.