Meeting of the Board of Directors of the Company was held today viz. Thursday, 29th May, 2025 and the Board of Directors had inter-alia, approved the following business and are attaching: 1. ....
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Vapi Enterprise Ltd's board met on 29th May 2025 and approved the audited standalone financial results for FY ended 31st March 2025. Income from operations dropped to zero (from Rs. 25 lakh last year), as the company has effectively wound down its factory operations after selling the factory land. Total income stood at Rs. 218.15 lakh, essentially made up of interest income from its large cash pile of Rs. 3,396.61 lakh. Net profit after tax rose sharply to Rs. 131.55 lakh (vs Rs. 83.18 lakh in FY24), giving EPS of Rs. 5.77. The statutory auditor (M.I. Shah & Co.) issued a qualified/modified opinion flagging three issues: non-provisioning of employee benefits (Ind AS-19), an electricity deposit of Rs. 2.14 crore paid under protest where interest is not accrued, and unpaid trade payables of Rs. 4.76 lakh. The auditor also drew attention to the going concern assumption since the company has sold its factory land and is still exploring a new line of business with no concrete plan yet.
Profitability is strong but only because the company is sitting on a large cash pile earning interest, not from active business operations. Shareholders should note the qualified audit opinion and that no new business plan has been communicated yet, which raises questions about future earnings once cash is deployed. Short-term stock impact is likely muted, but the going concern and new business uncertainty remain key watchpoints.