Outcome of Board Meeting_UAFR 30.06.2025
WILLAMAGOR · price
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The Board of Directors approved unaudited financial results for the quarter ended June 30, 2025, with the company reporting a standalone Profit After Tax of ₹17,683 thousand (EPS ₹1.61), compared to a loss of ₹20,69,043 thousand in the same quarter last year when it booked a one-time provision of ₹2,71,53,41 thousand for doubtful assets. However, the auditor issued a qualified review report flagging serious concerns: the company's net worth is fully eroded, its NBFC registration was cancelled by the RBI (matter subjudice in Calcutta High Court), and material uncertainty exists over its ability to continue as a going concern. The company has defaulted in repayment of principal and interest to multiple lenders including HDFC Bank, InCred Financial Services, and IL&FS, and has not recognized ₹1,06,586 thousand in interest expense on inter-corporate borrowings. Deferred tax assets of ₹13,89,795 thousand were also recognized despite the going concern doubts, which the auditor said overstates earnings. The Board also recommended appointing MKB & Associates as Secretarial Auditor for 5 years and appointed two additional directors.
Despite the headline profit swing, the company's underlying situation remains deeply stressed with negative net worth, multiple loan defaults, ongoing litigation, and a qualified audit opinion flagging a material going concern risk — making this a high-risk, speculative situation for shareholders with no clarity on near-term solvency.