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Dhunseri Ventures Q4 FY25 results: net loss of ₹87.43 crore vs ₹24.04 crore profit, revenue down 44.1%
Dhunseri Ventures Limited reported a consolidated revenue of ₹147.23 crore for Q4 FY25, down 44.1% from Q4 FY24. The company reported a net loss of ₹87.43 crore and an EBITDA margin of -73.2%, compared with a net profit of ₹24.04 crore and an EBITDA margin of 3.4% a year earlier.
Key points
- Consolidated Q4 FY25 revenue was ₹147.23 crore, down 44.1% from ₹263.51 crore in Q4 FY24.
- The company reported a net loss of ₹87.43 crore in Q4 FY25 versus a net profit of ₹24.04 crore in Q4 FY24.
- EBITDA was a loss of ₹107.77 crore, while the EBITDA margin was -73.2% against 3.4% a year earlier.
- Basic EPS was -₹24.85 in Q4 FY25 versus ₹6.95 in Q4 FY24.
- For FY25, revenue was ₹480.43 crore, up 19.1% from ₹403.48 crore in FY24, while PAT was ₹142.97 crore against ₹152.10 crore.
How did Dhunseri Ventures perform in Q4 FY25?
Dhunseri Ventures reported consolidated revenue of ₹147.23 crore for Q4 FY25, down ₹116.28 crore or 44.1% from ₹263.51 crore in Q4 FY24. Revenue was up ₹24.78 crore or 20.2% from ₹122.45 crore in Q3 FY25. Total income was ₹165.51 crore, down ₹116.62 crore or 41.3% from the year-ago quarter and up ₹42.28 crore or 34.3% from Q3 FY25.
Consolidated EBITDA was a loss of ₹107.77 crore in Q4 FY25, against EBITDA of ₹8.84 crore in Q4 FY24 and a loss of ₹13.46 crore in Q3 FY25. The EBITDA margin was -73.2%, down 76.6 percentage points from 3.4% a year earlier and 62.2 percentage points from -11.0% in the previous quarter. The company reported a net loss of ₹87.43 crore, versus a net profit of ₹24.04 crore a year earlier and a net loss of ₹0.96 crore in Q3 FY25.
Basic EPS was -₹24.85 in Q4 FY25, compared with ₹6.95 in Q4 FY24 and -₹0.92 in Q3 FY25. On a standalone basis, revenue was ₹103.18 crore and the company reported a net loss of ₹87.12 crore, against a net loss of ₹45.83 crore in the year-ago period.
| ₹ crore | Q4 FY25 | Q3 FY25 | Q4 FY24 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 147.23 | 122.45 | 263.51 | −44.1% | +20.2% |
| Other income | 18.28 | 0.78 | 18.63 | −1.9% | +2243.6% |
| Total expenses | 281.08 | 146.11 | 271.48 | +3.5% | +92.4% |
| EBITDA | −107.77 | −13.46 | 8.84 | turned to loss | |
| EBITDA margin | -73.2% | -11.0% | 3.4% | −76.6 pp | −62.2 pp |
| Profit before tax | −115.57 | −7.13 | 10.66 | turned to loss | |
| Tax | −23.07 | −6.17 | 9.81 | ||
| Net profit | −87.43 | −0.96 | 24.04 | turned to loss | |
| EPS (₹) | −24.85 | −0.92 | 6.95 | turned to loss |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Dhunseri Ventures' costs and profit?
Total expenses were ₹281.08 crore in Q4 FY25, up ₹9.60 crore or 3.5% from ₹271.48 crore in Q4 FY24. Cost of materials fell ₹15.09 crore or 19.2% to ₹63.65 crore, while employee cost fell ₹2.74 crore or 13.1% to ₹18.10 crore. Finance costs rose ₹9.84 crore or 164.3% to ₹15.83 crore, and depreciation fell ₹0.57 crore or 5.3% to ₹10.25 crore. Other expenses increased ₹132.83 crore or 901.8% to ₹147.56 crore.
Other income was ₹18.28 crore in Q4 FY25, down ₹0.35 crore or 1.9% from ₹18.63 crore in Q4 FY24. There was no exceptional item in Q4 FY25 or Q4 FY24. Tax was a credit of ₹23.07 crore in Q4 FY25, compared with tax of ₹9.81 crore in the year-ago quarter. The filing does not state a reason for the increase in other expenses.
Against Q3 FY25, total expenses were higher by ₹134.97 crore or 92.4%. Other expenses rose ₹113.65 crore or 335.2%, cost of materials rose ₹61.94 crore or 3622.2%, and finance costs rose ₹10.18 crore or 180.2%. Employee cost fell ₹39.32 crore or 68.5%, while depreciation rose ₹5.71 crore or 125.8%. Q3 FY25 included an exceptional gain of ₹15.74 crore, while Q4 FY25 had no exceptional item.
| ₹ crore | Q4 FY25 | Q4 FY24 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 63.65 | 78.74 | −15.09 | −19.2% |
| Employee cost | 18.10 | 20.84 | −2.74 | −13.1% |
| Finance costs | 15.83 | 5.99 | +9.84 | +164.3% |
| Depreciation | 10.25 | 10.82 | −0.57 | −5.3% |
| Other expenses | 147.56 | 14.73 | +132.83 | +901.8% |
| Total expenses | 281.08 | 271.48 | +9.60 | +3.5% |
| Other income | 18.28 | 18.63 | −0.35 | −1.9% |
| Tax | −23.07 | 9.81 | −32.88 |
Source: Company's results filing (XBRL).
How did Dhunseri Ventures do in FY25 as a whole?
For FY25, consolidated revenue was ₹480.43 crore, up ₹76.95 crore or 19.1% from ₹403.48 crore in FY24. Total income rose ₹104.18 crore or 21.7% to ₹583.97 crore from ₹479.79 crore. Profit before tax fell ₹37.63 crore or 44.2% to ₹47.55 crore from ₹85.18 crore.
PAT for FY25 was ₹142.97 crore, down ₹9.13 crore or 6.0% from ₹152.10 crore in FY24. Basic EPS was ₹41.16, compared with ₹43.71 in FY24, a decrease of ₹2.55 or 5.8%.
| ₹ crore | FY25 | FY24 | Change |
|---|---|---|---|
| Revenue from operations | 480.43 | 403.48 | +19.1% |
| Profit before tax | 47.55 | 85.18 | −44.2% |
| Net profit | 142.97 | 152.10 | −6.0% |
| EPS (₹) | 41.16 | 43.71 | −5.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 31 March 2025, total assets were ₹4170.52 crore, compared with ₹1020.36 crore at 30 September 2024. Total equity was ₹3192.44 crore against ₹547.85 crore, borrowings were ₹368.85 crore against ₹272.27 crore, and cash was ₹134.66 crore against ₹6.05 crore. Inventories were ₹23.57 crore compared with ₹121.84 crore, trade receivables were ₹7.89 crore compared with ₹50.67 crore, and trade payables were ₹30.43 crore compared with ₹51.39 crore.
For FY25, operating cash flow was negative ₹378.33 crore, against negative ₹7.03 crore in FY24. Investing cash flow was ₹538.78 crore, compared with ₹23.89 crore in FY24, and financing cash flow was negative ₹49.79 crore against negative ₹50.85 crore. Capital expenditure was ₹74.9 crore in FY25, compared with ₹85.1 crore in FY24.
| ₹ crore | As of 31 March 2025 | As of 30 September 2024 |
|---|---|---|
| Total assets | 4,171 | 1,020 |
| Total equity | 3,192 | 547.85 |
| Borrowings | 368.85 | 272.27 |
| Cash and equivalents | 134.66 | 6.05 |
| Inventories | 23.57 | 121.84 |
| Trade receivables | 7.89 | 50.67 |
Source: Company's results filing (XBRL).
| ₹ crore | FY25 | FY24 |
|---|---|---|
| Cash from operations | −378.33 | −7.03 |
| Cash from investing | 538.78 | 23.89 |
| Cash from financing | −49.79 | −50.85 |
| Capital expenditure | 74.90 | 85.10 |
Source: Company's results filing (XBRL).
How has Dhunseri Ventures done over the last 8 quarters?
Across the last eight quarters, revenue peaked at ₹263.51 crore in Q4 FY24 and was lowest at ₹56.77 crore in Q3 FY24. Revenue then moved from ₹161.28 crore in Q1 FY25 and ₹167.57 crore in Q2 FY25 to ₹122.45 crore in Q3 FY25 and ₹147.23 crore in Q4 FY25, rising from the previous quarter but remaining below the Q4 FY24 peak.
PAT reached its highest level at ₹69.78 crore in Q1 FY25 and its lowest point at a loss of ₹87.43 crore in Q4 FY25. EBITDA margin was highest at 27.9% in Q2 FY25 and fell to -73.2% in Q4 FY25, after -11.0% in Q3 FY25.
Which businesses drove the quarter?
Treasury Operations reported revenue of ₹18.76 crore in Q4 FY25, up 11.5% from ₹16.83 crore in Q4 FY24. Segment EBIT was a loss of ₹110.08 crore, compared with EBIT of ₹16.83 crore in the year-ago quarter, and the segment EBIT margin was -586.6%.
Trading reported revenue of ₹28.09 crore, down 80.7% from ₹145.48 crore in Q4 FY24. Segment EBIT was ₹0.60 crore, compared with ₹4.83 crore a year earlier, while the segment EBIT margin was 2.1%.
Flexible Packaging Flims reported revenue of ₹87.28 crore and EBIT of ₹11.41 crore, with an EBIT margin of 13.1%. The filing does not provide a year-ago comparison for this segment. Food and Beverages reported revenue of ₹13.09 crore, down 23.8% from ₹17.18 crore, and EBIT of a loss of ₹2.33 crore against a loss of ₹1.75 crore in Q4 FY24; its EBIT margin was -17.8%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Treasury Operations | 18.76 | +11.5% | −110.08 | -586.6% |
| Treasury Operations | 18.76 | +11.5% | −110.08 | -586.6% |
| Trading | 28.09 | −80.7% | 0.60 | 2.1% |
| Trading | 28.09 | −80.7% | 0.60 | 2.1% |
| Flexible Packaging Flims | 87.28 | 11.41 | 13.1% | |
| Flexible Packaging Flims | 87.28 | 11.41 | 13.1% | |
| Food and Beverages | 13.09 | −23.8% | −2.33 | -17.8% |
| Food and Beverages | 13.09 | −23.8% | −2.33 | -17.8% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
On 20 May 2025, the board recommended a final dividend of ₹5.00 per equity share for FY25, subject to shareholder approval at the forthcoming AGM. The cut-off date for the dividend was 1 August 2025, and payment was to be made on or after 11 August 2025. The board also approved the FY25 annual accounts and standalone and consolidated audited results, and convened the 109th AGM for 8 August 2025.
The board proposed the re-appointment of Anuradha Kanoria and Raj Vardhan Kejriwal as independent directors for a second term of five consecutive years, subject to shareholder approval. It approved the appointment of Mamta Binani & Associates as secretarial auditor for five consecutive financial years from 1 April 2025 to 31 March 2030, subject to shareholder approval, and re-appointed Dhandhania & Associates as internal auditor for FY25-26. The trading window remained closed until 22 May 2025.
What did the auditors point out?
BS R & Co. LLP gave an unmodified opinion on the standalone annual financial results, stating that they give a true and fair view in conformity with applicable accounting principles. The audit report contained an Emphasis of Matter concerning a loan of Rs 2,250 lakhs advanced during the year by the company to a company in which its directors were interested, without a special resolution passed at the general meeting as required by the Companies Act, 2013. The auditors stated that the loan and interest had been received back during the year.
The auditors said they were unable to comment on the likely outcome of the matter and its consequential impact, if any, on the financial results for the year ended 31 March 2025. The report also set out the auditors’ responsibilities regarding going concern and stated that they would draw attention to related disclosures, or modify their opinion if the disclosures were inadequate, if a material uncertainty existed.
How did Dhunseri Ventures shares react?
After the filing appeared, the stock was up 0.1% at 5 minutes, down 1.2% at 15 minutes and down 3.5% at 30 minutes. It closed the reaction day down 8.4% from the previous close of ₹378.50. By the next day’s close, it was down 11.8% from the pre-results close, and by the fifth session it was down 14.0%.
On the reaction day, the Packaging industry median was down 0.3%, so Dhunseri Ventures underperformed the industry by 8.1 percentage points. By the next day’s close, the industry median was down 0.3% and the stock was down 11.8%, an underperformance of 11.5 percentage points. By the fifth session, the industry median was down 0.3% and the stock was down 14.0%, an underperformance of 13.7 percentage points.
Earlier reaction-day moves were up 6.2% on 7 February 2025, down 4.4% on 9 November 2024, up 0.6% on 12 August 2024 and down 4.6% on 24 May 2024.
| After the filing | Stock | Packaging median |
|---|---|---|
| 5 minutes | +0.1% | |
| 15 minutes | −1.2% | |
| 30 minutes | −3.5% | |
| Reaction day | −8.4% | −0.3% |
| Next day | −11.8% | −0.3% |
| 5 days | −14.0% | −0.3% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 7 February 2025 | +6.2% |
| 9 November 2024 | −4.4% |
| 12 August 2024 | +0.6% |
| 24 May 2024 | −4.6% |
Source: MarketPing price-reaction measurement.
How did other Packaging companies do?
Among 57 other Packaging companies compared, the median revenue growth was 13.6%. Of the other companies, 2 grew slower than Dhunseri Ventures and 55 grew faster. Among 59 peers for which profit was compared, 33 reported higher profit.
| Dhunseri Ventures revenue growth (YoY) | −44.1% |
|---|---|
| Median of 57 other Packaging companies | +13.6% |
| Companies with slower revenue growth than Dhunseri Ventures | 2 of 57 |
| Companies with faster revenue growth than Dhunseri Ventures | 55 of 57 |
| Companies whose net profit rose | 33 of 59 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Dhunseri Ventures' revenue in Q4 FY25?
Revenue from operations was ₹147.23 crore, down 44.1% from ₹263.51 crore in Q4 FY24 (consolidated).
Did Dhunseri Ventures make a profit in Q4 FY25?
No. It reported a net loss of ₹87.43 crore, against a net profit of ₹24.04 crore in Q4 FY24.
What was Dhunseri Ventures' EPS in Q4 FY25?
Basic loss per share was ₹24.85, against ₹6.95 in Q4 FY24.
How did Dhunseri Ventures shares react to the Q4 FY25 results?
On the reaction day the stock moved −8.4% from the previous close; the median Packaging stock moved −0.3%.
When did Dhunseri Ventures announce its Q4 FY25 results?
On 20 May 2025, in a filing to the NSE.
Sources
- Board Meeting Intimation for Board Meeting Intimation To Consider And Approve The Audited Financial Results Of The Company For The Year Ended 31St March, 2025 And Dividend, If Any, For The Year 2024-2025. (BSE, 5 May 2025) · PDF
- Outcome of Board Meeting (NSE, 20 May 2025) · PDF
- Outcome of Board Meeting (NSE, 20 May 2025) · PDF
- Outcome of Board Meeting (NSE, 23 May 2025) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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