Submitting the Integrated filing (Financials) for the quarter and year ended on 31st March 2025.
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V.B. Desai Financial Services Ltd, a small financial services and merchant banking firm, filed its audited annual results for FY25. Revenue from operations fell to Rs 283.06 lakhs from Rs 311.97 lakhs last year (~9% decline), though total income rose marginally to Rs 332.80 lakhs due to higher other income. Net profit improved to Rs 55.87 lakhs vs Rs 46.72 lakhs last year (~20% growth), lifting EPS to Rs 1.23. Auditor N.S. Shetty & Co issued a clean, unqualified opinion. However, operating cash flow swung sharply negative at Rs (831.16) lakhs versus Rs 32.34 lakhs previously, driven by a Rs 898 lakh increase in loans and advances. Related party transactions were disclosed including remuneration to KMPs, directors' sitting fees, a Rs 300 lakh professional services arrangement with Aarayaa Advisory (other related party), and a Rs 100 lakh loan to Desai Investments Pvt Ltd.
Weak core revenue and a steeply negative operating cash flow despite higher reported profits suggest the earnings are not translating into cash, which may concern shareholders. The clean audit opinion and related-party disclosures are routine compliance items.