Financial Results for the quarter and year ended March 31, 2025
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Trescon Ltd reported audited FY25 results with standalone revenue from operations at Rs. 934.88 lakhs (vs Nil in FY24), but expenses surged to Rs. 1,511.44 lakhs, pushing standalone PAT to a loss of Rs. 28.71 lakhs compared to a profit of Rs. 141.82 lakhs in FY24; EPS turned negative at Rs. (0.04). Consolidated results were far weaker, with net loss of Rs. 263.54 lakhs (vs Rs. 141.82 lakhs profit) due to losses from recently acquired subsidiaries Golden Arc LLP and Triveni Associates (60% stake acquired effective March 18, 2025). Consolidated operating cash flow collapsed to a negative Rs. (8,789.77) lakhs from a positive Rs. 1,514 lakhs last year, while borrowings jumped to Rs. 3,013.59 lakhs (from Rs. 43 lakhs). The statutory auditor issued a Qualified Opinion on the consolidated results because valuation reports from a registered valuer were missing for land-under-development inventory of the acquired subsidiaries. Additionally, the board approved forfeiture of 13.86 lakh partly paid-up shares for unpaid call money and conversion of 9 lakh shares (receiving Rs. 67.50 lakhs), and appointed AVS & Associates as Secretarial Auditor for five years.
Negative for shareholders — the swing to consolidated losses, a qualified audit opinion on the consolidated numbers, and a steep negative operating cash flow raise red flags around the quality of the recent acquisitions and near-term liquidity. Borrowings have risen sharply, but the company remains well-capitalised on equity, which limits solvency risk for now.