Outcome of Board Meeting held on 30th May, 2025
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Awaiting price reaction for this filing.
The Board approved audited standalone financial results for Q4 and FY ended March 31, 2025. Revenue from operations collapsed to nil in FY25, down from Rs. 19.85 lakhs in FY24, with only other income of Rs. 9.91 lakhs keeping total income alive. The company swung to a small profit after tax of Rs. 0.80 lakh (EPS Rs. 0.08) versus a loss of Rs. 22.75 lakhs in FY24, helped by sharply lower other expenses. The auditor flagged serious issues: no valuation report for unquoted investments under Ind AS 109, the company's NBFC licence was cancelled in 2018 with the appeal also lost in 2020 which will adversely affect operations, and non-compliance with MCA audit trail requirements. The company filed a declaration claiming an 'unmodified' auditor opinion, but the audit report itself qualifies the opinion citing these very points. The company also confirmed it is not classified as a Large Corporate under SEBI norms, with negligible borrowings of Rs. 0.026 crore and no incremental borrowing during the year. Operating cash flow was negative Rs. 28.46 lakhs versus positive Rs. 36.35 lakhs last year.
Despite a headline return to profit, the underlying business is in serious trouble — zero operating revenue, cancelled NBFC licence, Ind AS and MCA compliance failures, negative operating cash flow, and a contradiction between the company's 'unmodified opinion' declaration and the auditor's qualified report. This is a high-risk situation for shareholders and likely negative for the stock.