Revised outcome of Board Meeting held on May 30, 2025 and Financial Results for the quarter and year ended March 31, 2025
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Tulsyan NEC Ltd submitted a revised filing to correct the Earnings Per Share figure in the audit qualification statement, which originally omitted the impact of forfeited shares. The auditor (CNGSN & Associates LLP) issued a qualified opinion on both standalone and consolidated FY25 results due to non-receipt of balance confirmations for trade receivables of Rs. 9,475 lakhs, where about 65% of receivables are outstanding beyond 180 days. Standalone net sales fell sharply to Rs. 79,742.68 lakhs (from Rs. 95,599.52 lakhs in FY24), and the company reported a widened net loss of Rs. (7,269.61) lakhs versus Rs. (5,017.05) lakhs last year, with EPS at Rs. (44.16). The auditor also flagged an emphasis of matter on an agreed moratorium on Non-Convertible Debenture payments from December 2024 to March 2025 and an extended 8-month shutdown of the power plant. Finance costs surged to Rs. 6,414.63 lakhs from Rs. 3,895.34 lakhs, while the board also approved the appointment of new Secretarial Auditors (M. Damodaran & Associates) for five years and reappointed internal and cost auditors.
Shareholders face continued losses with declining revenues, a qualified audit opinion raising recoverability concerns on older receivables, and rising debt servicing burden — all suggesting ongoing financial stress. The stock likely reflects heightened risk perception given the wider losses, NCD moratorium, and plant shutdown, though operating cash flow remained marginally positive.