Outcome of Board meeting
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The Board approved audited financial results for the half year and full year ended March 31, 2025, with an unmodified (clean) audit opinion from R.T. Jain & Co LLP. Revenue from operations fell sharply to Rs 1,023.57 lakhs in FY25 from Rs 2,854.52 lakhs in FY24, a drop of about 64%. The company reported a net loss of Rs 565 lakhs (vs Rs 750 lakhs loss in FY24), with EPS of Rs (5.25). Shareholder funds turned negative at Rs (190.96) lakhs as reserves stood at Rs (1,267.77) lakhs, and operating cash flow remained negative at Rs (174.31) lakhs. The Board also reappointed Mr. Kirit Chimanlal Doshi as Chairman and Managing Director for three years effective May 14, 2025, subject to shareholder approval.
Sharp revenue decline, continued losses, negative net worth, and negative operating cash flows point to significant financial stress, even though auditors issued a clean opinion. Short-term borrowings of Rs 1,765.87 lakhs against negative equity remain a key risk for shareholders.