Audited financial result for the quarter and year ended March 31, 2025
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ZR2 Bioenergy Ltd (formerly Gujchem Distillers India) reported audited standalone and consolidated results for Q4 and FY25 with an unmodified (unqualified) opinion from auditor Bagaria & Co LLP. Standalone revenue from operations for FY25 was Rs 125.60 lakh vs Rs 132.24 lakh last year, while total income rose to Rs 192.33 lakh from Rs 132.24 lakh. Profit after tax fell sharply to Rs 19.40 lakh (FY25) from Rs 38.92 lakh (FY24), roughly a 50% drop. The balance sheet shows massive capital work-in-progress of Rs 118.90 crore (up from Rs 1.14 lakh), funded by preferential issue of warrants, CCDs and equity shares worth over Rs 134 crore during the year. The company restated its December 31, 2024 quarterly results after capitalizing expenses that were earlier charged to the P&L. A wholly owned subsidiary, ZR2 Solar Pvt Ltd, was set up in October 2024 and is now consolidated.
Profit nearly halved despite a change of control and large capital raise, which may concern short-term shareholders. However, the company is clearly in a transformation phase — new promoter ZR2 Group Holdings acquired 60.96% stake and is investing heavily in a biorefinery acquisition and solar subsidiary, so the capex-driven dilution in earnings may be viewed as a growth-stage trade-off.