Zuari Agro Chemicals Limited has informed the Exchange regarding Outcome of Board Meeting held on May 14, 2025.
ZUARI · price
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The board approved audited standalone and consolidated financial results for Q4 and FY ended March 31, 2025. Statutory auditors K.P. Rao & Co. issued an unmodified (clean) audit opinion, but flagged three Emphasis of Matter items: (1) a SEBI Show Cause Notice dated Jan 14, 2025 alleging irregularities in earlier years' financial statements, for which the company has filed a settlement application; (2) subsidiary MCFL's recognition of ₹29.14 Cr urea subsidy that is under court challenge; and (3) the proposed merger of MCFL with Paradeep Phosphates. On a standalone basis, revenue from operations collapsed roughly 91% to ₹83 Cr and the company swung to a loss of ₹73.10 Cr (vs profit of ₹21.40 Cr last year). On a consolidated basis, revenue dipped about 10% to ₹4,136 Cr but profit after tax jumped around 35% to ₹230.96 Cr, lifted by a ₹150.33 Cr share of profit from the Paradeep Phosphates joint venture. The Mahad plant was temporarily shut due to raw material shortage and is expected to resume by early June 2025. The board also re-appointed an independent director and appointed new cost, internal and secretarial auditors for FY26.
Mixed picture for shareholders: consolidated profitability improved sharply thanks to the joint venture, but the standalone core is in a deep loss and revenue has nearly evaporated, likely reflecting the restructuring where MCFL shares are being transferred to ZMPPL. Investors should watch for outcomes of the SEBI settlement process and MCFL merger, as regulatory/legal overhang remains.