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Vandan Foods Limited announced audited financial results for FY2025 (year ended March 31, 2025). Revenue from operations stood at Rs. 10,819.77 lakhs, more than doubling from Rs. 4,873.04 lakhs in the restated FY2024, representing about 122% year-on-year growth. Profit after tax rose to Rs. 690.70 lakhs from Rs. 245.91 lakhs, a jump of roughly 181%, while basic/diluted EPS stood at Rs. 13.80. The statutory auditors M/s. Piyush Kothari & Associates issued an unmodified (clean) opinion on the results. However, the cash flow statement shows a negative operating cash flow of Rs. (1,218.93) lakhs against Rs. 88.09 lakhs in the previous year, driven mainly by a sharp build-up in inventory (Rs. 2,258.84 lakhs) and trade receivables (Rs. 543.25 lakhs). The company also took on fresh borrowings of Rs. 767.08 lakhs long-term and Rs. 1,061.05 lakhs short-term, and its share capital doubled to Rs. 574.48 lakhs.
Top-line and bottom-line growth look strong, but the negative operating cash flow and rising debt (D/E of around 1.1) signal that growth is being funded through working capital strain and borrowings rather than cash generation. Shareholders should note the share base has expanded, which is part of why EPS dipped despite higher absolute profits. The clean auditor opinion is a positive, but working capital and leverage trends warrant close monitoring.