The Board approved the Standalone Audited Financials for 31st March 2025
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TPI India Ltd's board approved the IND-AS audited standalone financial results for FY25 (year ended March 31, 2025) on May 27, 2025. Revenue from operations rose sharply to Rs 3,017.75 lakhs from Rs 2,374.86 lakhs in FY24, a growth of about 27%. Net profit for the year stood at Rs 34.97 lakhs (down from Rs 46.03 lakhs), with EPS of Rs 0.08 versus Rs 0.11 earlier. However, the auditor (Jain Jagawat Kamdar & Co) issued a qualified opinion, flagging that the results were prepared on a going-concern basis despite the company's net worth being completely eroded at negative Rs 1,419.18 lakhs. This qualification has recurred since FY 2021-22. The company also reported an exceptional item of Rs 10.67 lakhs in Q4 FY25.
This is a red-flag filing for shareholders: the auditor has explicitly doubted the company's ability to continue as a going concern due to fully eroded net worth. Although revenue is growing and the company reported a small profit, persistent qualified opinions, negative book value, and rising short-term borrowings (from Rs 287.96 to Rs 923.75 lakhs) signal serious financial distress and heightened risk for equity holders.