Stakeholder are requested to take on record Annual Audited Financial Result for the Quarter and year ended 31st March 2025 along with the statement on impact of Audit qualification issued ....
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White Organic Agro Limited filed its annual audited financial results for FY25 (year ended March 31, 2025), which received a Qualified Opinion from the auditors. The two qualifications are: (1) a Rs. 201.91 Lakhs loan recoverable from Future Farms LLP (where the company had a 75% stake, exited in FY21) that has been outstanding since 2021 with no provision made by management, and (2) non-transfer of Rs. 45,669 in unpaid dividend from FY 1997-98 to the Investor Education and Protection Fund (IEPF) — a compliance lapse. Total income fell sharply to Rs. 2,436.84 Lakhs from Rs. 3,772.93 Lakhs in FY24, a ~35% decline. However, net profit rose ~48% to Rs. 173.06 Lakhs (vs Rs. 117.17 Lakhs) on better cost control, lifting EPS to Rs. 0.49 from Rs. 0.33. Net worth stood at Rs. 5,753.18 Lakhs, which would drop to Rs. 5,602.26 Lakhs if the loan were provided for. Operating cash flow remained negative at Rs. (446.75) Lakhs.
The qualified opinion is a negative signal — if the doubtful Rs. 201.91 Lakhs loan were written off, adjusted net profit would shrink to just Rs. 22.85 Lakhs and net worth to Rs. 5,602.26 Lakhs. Persistent IEPF non-compliance also points to weak governance follow-through. Shareholders should watch for recovery of the Future Farms loan and any management action on the audit qualifications.