Outcome of Board meeting held on May 14, 2025
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The Board approved audited standalone and consolidated financial results for Q4 and FY ended March 31, 2025, with the auditor issuing an unmodified opinion. The company will sell its 5% stake in Ascent Hotels Private Limited (derived from converting OCRDs into equity shares) to SAMHI Hotels Limited for approximately Rs. 45 crore, with the deal expected to close on or before May 23, 2025. Ascent Hotels contributed around 2.8% of consolidated net worth but nil revenue in FY25. The Board also appointed M/s Amit Jaste & Associates as Secretarial Auditor for a 5-year term (FY26 to FY30). The auditor's report included an Emphasis of Matter regarding the sale of subsidiaries (Marathwada Realtors and Almet Corporation) and the recognition of profit from the sale of GMP Technical Solutions (Rs. 74.79 crore) as an Exceptional Item.
Shareholders should note a one-time exceptional gain of around Rs. 75 crore from the sale of GMP Technical Solutions, which has boosted FY25 profitability and turned operating cash flow positive (Rs. 4.76 crore vs negative Rs. 22.37 crore last year). The divestment of Ascent Hotels stake at fair value is a modest monetisation (small % of net worth, nil revenue contribution), and the emphasis of matter in an otherwise clean audit is a minor flag worth monitoring but does not impact the audit opinion.