Financial Results for the quarter and year ended March 31, 2025 - Revised
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Tulsyan NEC has submitted a revised set of audited results for FY25 after correcting the Earnings Per Share (EPS) figure, which had originally been calculated without accounting for forfeited shares. Standalone total income fell to Rs 80,083 lakhs from Rs 97,353 lakhs in FY24, and the company reported a widened standalone net loss of Rs 7,270 lakhs versus Rs 5,017 lakhs last year, with EPS revised to Rs (44.16). Finance costs surged to Rs 6,415 lakhs from Rs 3,895 lakhs. The statutory auditor (CNGSN & Associates LLP) issued a qualified opinion on both standalone and consolidated results, citing unconfirmed trade receivables of around Rs 9,475 lakhs (65% overdue over 180 days) and inability to verify if extra provisioning is needed. An emphasis of matter was added noting an agreed moratorium on Non-Convertible Debenture repayments from Dec 2024 to Mar 2025, and an 8-month power plant shutdown.
This is a negative outcome for shareholders — the company is loss-making with rising finance costs, declining revenues, a qualified audit opinion, and a debt repayment moratorium in place. The revision itself is a minor EPS recalculation and does not change the underlying losses, but the combination of red flags (qualified opinion, going-concern-risky balance sheet, restructured debt terms) signals serious financial stress that could weigh on the stock.