Kalpataru Limited: Audited Financial Results for Q4 and FY Ended March 31, 2025
Published: Jul 25, 2025 00:30
Kalpataru Limited has announced its Audited Financial Results for the fourth quarter and full financial year ended March 31, 2025, for both standalone and consolidated entities. The Board of Directors approved these results on July 16, 2025.
Auditor’s Report Analysis
The independent auditors, KKC & Associates LLP, have issued an unmodified opinion on both the consolidated and standalone financial results.
Key Point from Consolidated Auditor’s Report (Emphasis of Matter): The auditors highlighted a significant point under the “Emphasis of Matter” section for the consolidated results. They drew attention to the financial statements of 3 subsidiaries (and 23 other subsidiaries whose auditors also highlighted this) being prepared under the ‘going concern’ assumption, despite these entities experiencing losses and negative net worth erosion of capital. This suggests potential financial distress for these specific subsidiaries. However, the auditors’ opinion remains unmodified because the management of Kalpataru Limited (the Holding Company) has committed to providing the necessary financial support to these subsidiaries whenever needed. This commitment by the parent company mitigates the going concern risk from the auditor’s perspective.
Other Matters (Consolidated & Standalone):
- The consolidated results include financials of 25 subsidiaries, 1 associate, and 2 joint ventures. The auditors relied on reports from other independent auditors for some of these entities and on management certifications for certain interim periods. Their opinion, however, remains unmodified due to this reliance.
- For both consolidated and standalone statements, the financial results for the latest quarter (Q4 FY25) and previous quarters (Q3 FY25 and Q4 FY24) are presented as “balancing figures”. This means they are derived by subtracting the audited year-to-date figures from the full financial year audited figures. The Q4 FY24 figures were unaudited.
Consolidated Financial Performance (FY25 and Q4 FY25)
Consolidated Statement of Audited Financial Results for the Quarter and Year Ended March 31, 2025 (All figures in Rs. Lakhs, except EPS)
| Sr. No. | Particulars | Quarter Ended 31-03-25 (Audited) | Quarter Ended 31-12-24 (Audited) | Quarter Ended 31-03-24 (Unaudited) | Year Ended 31-03-25 (Audited) | Year Ended 31-03-24 (Audited) |
|---|---|---|---|---|---|---|
| 1 | Income | |||||
| Revenue from Operations | 59,689 | 58,799 | 49,197 | 2,22,162 | 1,92,998 | |
| Other Income | 7,032 | 3,220 | 4,325 | 10,997 | 10,995 | |
| Total Income | 66,721 | 62,019 | 53,522 | 2,33,159 | 2,03,993 | |
| 2 | Expenses | |||||
| Cost of sales and other operational expenses | 49,440 | 47,206 | 37,358 | 1,75,853 | 1,71,749 | |
| Employee Benefits Expense | 3,920 | 2,895 | 3,384 | 13,724 | 12,795 | |
| Finance Costs | 1,114 | 6,563 | 1,027 | 5,316 | 3,424 | |
| Depreciation and Amortisation expenses | 1,078 | 883 | 969 | 3,765 | 3,264 | |
| Other expenses | 8,299 | 4,859 | 7,683 | 26,784 | 21,296 | |
| Total Expenses | 63,851 | 62,406 | 50,421 | 2,25,442 | 2,12,528 | |
| 3 | Profit/ (loss) before exceptional items, share of net profits / (loss) of investment accounted for using equity method and tax (1-2) | 2,870 | (387) | 3,101 | 7,717 | (8,535) |
| 4 | Share of profit / (loss) of associate / joint ventures accounted for using equity method (net of tax) | (10) | (34) | (18) | (125) | (36) |
| 5 | Profit/ (loss) before exceptional item and tax (3-4) | 2,860 | (421) | 3,083 | 7,592 | (8,571) |
| 6 | Exceptional items | - | - | - | - | - |
| 7 | Profit/ (loss) before tax | 2,860 | (421) | 3,083 | 7,592 | (8,571) |
| 8 | Tax expenses (net) | |||||
| Current Tax | (270) | 1,666 | 2,486 | 5,011 | 7,652 | |
| Deferred Tax | 1,098 | 219 | (1,181) | 107 | (5,419) | |
| 9 | Profit/ (loss) for the Period/ Year | 2,032 | (2,306) | 1,778 | 2,474 | (10,804) |
| 10 | Other Comprehensive Income | |||||
| Items that will not be reclassified to Profit and Loss | ||||||
| Remeasurements of Defined Benefits Plan | 37 | 14 | (65) | (53) | (178) | |
| Tax on above | (5) | (3) | 14 | 10 | 52 | |
| Other Comprehensive Income / (expenses) net of tax | 32 | 11 | (51) | (43) | (126) | |
| 11 | Total Comprehensive Income (Loss) for the year after tax | 2,064 | (2,295) | 1,727 | 2,431 | (10,930) |
| 12 | Net profit/ (loss) attributable to | |||||
| Owner’s of the parent | 1,405 | (2,186) | 2,430 | 2,162 | (9,498) | |
| Non- controlling interest | 627 | (120) | (652) | 312 | (1,306) | |
| 13 | Other comprehensive income/ (loss) for the period/ year attributable to | |||||
| Owner’s of the parent | 34 | 11 | (52) | (47) | (132) | |
| Non- controlling interest | (2) | 0 | 1 | 4 | 6 | |
| 14 | Total comprehensive income/ (loss) for the period/ year attributable to | |||||
| Owner’s of the parent | 1,436 | (2,176) | 2,380 | 2,119 | (9,624) | |
| Non- controlling interest | 628 | (119) | (653) | 312 | (1,306) | |
| 15 | Paid up equity share capital (Face value of ₹ 10 each) | 16,749 | 13,965 | 13,965 | 16,749 | 13,965 |
| 16 | Other Equity (excluding revaluation reserve) | - | - | - | 2,31,371 | 88,035 |
| 17 | **Earnings Per Share (EPS) *** | |||||
| (a) Basic EPS (in ₹) | 1.00 | (1.57) | 1.74 | 1.54 | (6.80) | |
| (b) Diluted EPS (in ₹) | 1.00 | (1.57) | 1.74 | 1.54 | (6.80) |
*not annualised except for year ended 31 March 2025 and 31 March 2024
Notes to Consolidated Financial Results:
- The results are prepared in accordance with Indian Accounting Standards (Ind AS) and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- The results have been reviewed by the Audit Committee and approved by the Board. The auditor issued an unmodified opinion.
- Q4 FY25 figures are balancing figures between the audited FY25 total and the audited Q3 FY25 figures.
- Q4 FY24 figures are balancing figures between the audited FY24 total and the unaudited Q3 FY24 figures and were not subject to audit/limited review.
- Q3 FY25 figures (31-12-24 column) are balancing figures between audited FY25 total and the audited H1 FY25 figures.
- Reversal of Unwinding Cost on CCDs: Other income for Q4 FY25 includes a material reversal of unwinding cost on Compulsory Convertible Debentures (CCDs) due to their conversion into equity shares. This unwinding cost was previously reported under finance costs. This is a significant reclassification impacting both “Other Income” (increase) and “Finance Costs” (decrease).
- Post Year-End Initial Public Offer (IPO): Subsequent to the year-end, the company completed an IPO, issuing 3,84,24,456 equity shares at Rs. 414 per share (including employee portion at Rs. 376 per share), aggregating to Rs. 1,59,000 lakhs (approx. Rs. 1,590 Crores). The shares were listed on NSE and BSE on July 1, 2025. This significantly increased the paid-up equity share capital and other equity post March 31, 2025.
- Employee Stock Option Scheme (ESOS): The Nomination and Remuneration Committee approved the grant of 15,94,100 employee stock options on June 6, 2025, exercisable at Rs. 306 per option.
- Scheme of Arrangement: A scheme of arrangement between subsidiary Agile Real Estate Private Limited (AREPL) and its fellow subsidiary Agile Real Estate Dev Private Limited (AREDPL) for demerging the ‘Parklands’ project was sanctioned by NCLT on May 1, 2025. This has no impact on the consolidated financial statements.
- The company operates in a single business segment: ‘Development of Real Estate Property’.
- FY24 consolidated results were restated due to financial restatement in one subsidiary, impacting comparability.
- Figures for previous periods have been re-grouped/re-classified for consistency.
Consolidated Financial Position (As at March 31, 2025)
Consolidated Statement of Assets and Liabilities as at 31 March 2025 (All figures in Rs. Lakhs)
| Particulars | As at March 31, 2025 (Audited) | As at March 31, 2024 (Audited) |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Property, plant and equipment | 26,070 | 11,119 |
| Right to use asset | 10 | 20 |
| Capital work-in-progress | 10,461 | 14,552 |
| Investment property | 50,504 | 52,679 |
| Goodwill on consolidation | 103 | 103 |
| Other intangible assets | 42 | 21 |
| Investment in associates and joint ventures | 75 | 75 |
| Financial assets | ||
| (i) Investments | 11,568 | 9,252 |
| (ii) Other financial assets | 15,880 | 9,179 |
| Non current tax asset (net) | 5,377 | 7,250 |
| Deferred tax assets | 16,335 | 17,095 |
| Other non-current assets | 1,016 | 1,012 |
| Total non-current assets | 1,37,441 | 1,22,357 |
| Current assets | ||
| Inventories | 12,78,967 | 10,65,443 |
| Financial assets | ||
| (i) Trade receivables | 77,936 | 62,296 |
| (ii) Cash and cash equivalents | 15,707 | 15,156 |
| (iii) Bank balances other than (ii) above | 56,016 | 46,887 |
| (iv) Loans | 18,538 | 25,841 |
| (v) Others financial assets | 9,328 | 16,115 |
| Other current assets | 43,553 | 33,019 |
| Total current assets | 15,00,045 | 12,64,757 |
| Total assets | 16,37,486 | 13,87,114 |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| Equity share capital | 16,749 | 13,965 |
| Other equity | 2,31,371 | 88,035 |
| Equity attributable to owner’s of the parent | 2,48,120 | 1,02,000 |
| Non-controlling interest | (2,480) | (2,792) |
| Total equity | 2,45,640 | 99,208 |
| Liabilities | ||
| Non-current liabilities | ||
| Financial liabilities | ||
| (i) Borrowings | 3,50,790 | 3,98,009 |
| (ii) Other financial liabilities | 24,939 | 17,089 |
| Provisions | 3,979 | 3,227 |
| Other non-current liabilities | 3,893 | 913 |
| Total non-current liabilities | 3,83,601 | 4,19,238 |
| Current liabilities | ||
| Financial liabilities | ||
| (i) Borrowings | 6,66,412 | 6,70,822 |
| (ii) Trade payables | ||
| (a) Total Outstanding dues of micro enterprises and small enterprises | 5,902 | 2,733 |
| (b) Total Outstanding dues of creditors other than micro enterprises and small enterprises | 62,079 | 39,457 |
| (iii) Other financial liabilities | 68,089 | 40,728 |
| Provisions | 10,428 | 557 |
| Other current liabilities | 1,95,335 | 1,14,371 |
| Total current liabilities | 10,08,245 | 8,68,668 |
| Total equity and liabilities | 16,37,486 | 13,87,114 |
Consolidated Cash Flow (FY25)
Consolidated Statement of Cash Flow for the year ended 31 March 2025 (All figures in Rs. Lakhs)
| Sr. No. | Particulars | As at March 31, 2025 (Audited) | As at March 31, 2024 (Audited) |
|---|---|---|---|
| A. | Cash flow from operating activities | ||
| Profit/ (loss) before exceptional items, share of net profits / (loss) of investment accounted for using equity method and tax | 7,717 | (8,535) | |
| Adjustments for: | |||
| Interest expenses and other financial charges | 5,316 | 3,424 | |
| Interest income (including fair value change in financial instruments) | (5,383) | (4,918) | |
| Depreciation and amortisation expense | 3,765 | 3,264 | |
| (Gain) on financial instruments at fair value through profit or loss (net) | (1,628) | (706) | |
| Share of loss from partnership firms / LLP (net) | 782 | 1,892 | |
| (Gain) on sale of property plant and equipment (net) | (37) | (3,110) | |
| Provision / (Reversal of Provision) for doubtful debts advances | - | (972) | |
| loss on foreign exchange fluctuation (net) | 40 | 36 | |
| Dividend income | (0) | - | |
| Operating (loss) / profit before working capital changes | 10,572 | (9,625) | |
| Working Capital Adjustments: | |||
| (Increase) / decrease in inventories | (90,109) | 25,152 | |
| (Increase) / decrease in trade and other receivables | (26,613) | (19,298) | |
| Increase / (decrease) in trade and other payables | 1,57,459 | 44,526 | |
| Cash generated from operating activities | 51,309 | 40,755 | |
| Direct taxes (paid) | (2,484) | (3,106) | |
| Net cash flows from (used in) from operating activities (A) | 48,825 | 37,649 | |
| B. | Cash flow from investing activities | ||
| Purchase of property, plant and equipment, Investment properties, intangible assets (including capital work-in-progress) | (4,262) | (4,989) | |
| Sale of property, plant and equipment and Investment properties | 294 | 6,466 | |
| Loans given to related parties | - | (1,416) | |
| Repayments of loan by related parties | 155 | 20,804 | |
| Loans (given)/ repaid to other parties (net) | 8,601 | (14,060) | |
| Deposits given to others (net) | (102) | (811) | |
| Investment in current account of partnership firms / LLP’s | (42,358) | (14,167) | |
| Withdrawals from current account of partnership firms / LLP’s | 46,102 | 18,373 | |
| Purchase of current investments in other funds / shares (net) | (688) | (2) | |
| Fixed deposit Made | (19,759) | (20,982) | |
| Interest received | 3,930 | 4,918 | |
| Increase / (Decrease) in other bank balances | 4,628 | (7,388) | |
| Net cash flows from / (used in) investing activities (B) | (3,459) | (13,254) | |
| C. | Cash flow from financing activities | ||
| Proceed from issuance of equity shares on conversion of CCD which were issued on conversion of loan | 1,44,000 | - | |
| Proceeds from non-convertible debentures | 16,000 | 1,54,240 | |
| Repayment of non-convertible debentures | (58,544) | (77,518) | |
| Proceeds from non-current borrowings | 83,085 | 57,864 | |
| Repayment of non-current borrowings | (98,738) | (49,101) | |
| Proceeds from current borrowings | 52,548 | 1,33,611 | |
| Repayment of current borrowings | (80,187) | (1,75,327) | |
| Loan taken from related party | 2,26,672 | 2,21,338 | |
| Loan taken repaid to related party (includes conversion of loan into CCD and subsequently converted in equity shares) | (2,37,515) | (1,71,274) | |
| (Decrease) in other borrowings | (19,559) | (3,482) | |
| Interest Paid | (92,136) | (1,20,324) | |
| Net cash flows from / (used in) financing activities (C) | (64,374) | (29,973) | |
| Net changes in cash and cash equivalents (A+B+C) | (19,008) | (5,578) | |
| Cash and cash equivalents (including bank balance overdraft) at the beginning of the year | 1,340 | 6,913 | |
| Add: Cash and cash equivalents on account of acquisition / disposal of Subsidiary | 5 | - | |
| Cash and cash equivalents (including bank balance overdraft) at the end of the year | (17,668) | 1,340 |
Standalone Financial Performance (FY25 and Q4 FY25)
Standalone Statement of Audited Financial Results for the Quarter and Year Ended March 31, 2025 (All figures in Rs. Lakhs, except EPS)
| Sr. No. | Particulars | Quarter Ended 31-03-25 (Audited) | Quarter Ended 31-12-24 (Audited) | Quarter Ended 31-03-24 (Unaudited) | Year Ended 31-03-25 (Audited) | Year Ended 31-03-24 (Audited) |
|---|---|---|---|---|---|---|
| 1 | Income | |||||
| Revenue from Operations | 6,772 | 5,483 | 8,564 | 28,280 | 29,340 | |
| Other Income | 8,852 | 5,044 | 8,458 | 25,379 | 27,105 | |
| Total Income | 15,624 | 10,527 | 17,022 | 53,659 | 56,445 | |
| 2 | Expenses | |||||
| Cost of sales and other operational expenses | 2,409 | 2,384 | 4,381 | 10,424 | 10,774 | |
| Employee Benefits Expense | 1,039 | 645 | 1,209 | 3,676 | 3,608 | |
| Finance Costs | 7,147 | 8,595 | 5,604 | 25,025 | 21,244 | |
| Depreciation and Amortisation expenses | 585 | 461 | 535 | 1,912 | 1,883 | |
| Other expenses | 2,703 | 1,609 | 1,863 | 8,478 | 5,857 | |
| Total Expenses | 13,883 | 13,694 | 13,592 | 49,515 | 43,366 | |
| 3 | Profit/ (loss) before exceptional item and tax (1-2) | 1,741 | (3,167) | 3,430 | 4,144 | 13,079 |
| 4 | Exceptional items | - | - | - | - | - |
| 5 | Profit/ (loss) before tax | 1,741 | (3,167) | 3,430 | 4,144 | 13,079 |
| 6 | Tax expenses (net) | |||||
| Current Tax | (58) | (607) | 731 | 1,073 | 3,465 | |
| Deferred Tax | 172 | 358 | 1,574 | 746 | 1,448 | |
| 7 | Profit/ (loss) for the Period/ Year | 1,627 | (2,918) | 1,125 | 2,325 | 8,166 |
| 8 | Other Comprehensive Income | |||||
| Remeasurements of Defined Benefits Plan | 11 | (1) | (23) | 31 | (93) | |
| Tax on above | (4) | 0 | 8 | (11) | 33 | |
| Other Comprehensive Income / (expenses) net of tax | 7 | (1) | (15) | 20 | (60) | |
| 9 | Total Comprehensive Income (Loss) for the year after tax | 1,634 | (2,919) | 1,110 | 2,345 | 8,106 |
| 10 | Paid up equity share capital (Face value of ₹ 10 each) | 16,749 | 13,965 | 13,965 | 16,749 | 13,965 |
| 11 | Other Equity (excluding Revaluation Reserve) | - | - | - | 2,40,800 | 97,239 |
| 12 | **Earnings Per Share (EPS) *** | |||||
| (a) Basic EPS (in ₹) | 1.16 | (2.09) | 0.81 | 1.66 | 5.85 | |
| (b) Diluted EPS (in ₹) | 1.16 | (2.09) | 0.81 | 1.66 | 5.85 |
*not annualised except for year ended 31 March 2025 and 31 March 2024
Notes to Standalone Financial Results:
- The results are prepared in accordance with Indian Accounting Standards (Ind AS) and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- The results have been reviewed by the Audit Committee and approved by the Board. The auditor issued an unmodified opinion.
- Q4 FY25 figures are balancing figures between the audited FY25 total and the audited Q3 FY25 figures.
- Q4 FY24 figures are balancing figures between the audited FY24 total and the unaudited Q3 FY24 figures and were not subject to audit/limited review.
- Q3 FY25 figures (31-12-24 column) are balancing figures between audited FY25 total and the audited H1 FY25 figures.
- Reversal of Unwinding Cost on CCDs: Other income for Q4 FY25 includes a material reversal of unwinding cost on Compulsory Convertible Debentures (CCDs) due to their conversion into equity shares. This unwinding cost was previously reported under finance costs. This is a significant reclassification impacting both “Other Income” (increase) and “Finance Costs” (decrease).
- Post Year-End Initial Public Offer (IPO): Subsequent to the year-end, the company completed an IPO, issuing 3,84,24,456 equity shares at Rs. 414 per share (including employee portion at Rs. 376 per share), aggregating to Rs. 1,59,000 lakhs (approx. Rs. 1,590 Crores). The shares were listed on NSE and BSE on July 1, 2025. This significantly increased the paid-up equity share capital and other equity post March 31, 2025.
- Employee Stock Option Scheme (ESOS): The Nomination and Remuneration Committee approved the grant of 15,94,100 employee stock options on June 6, 2025, exercisable at Rs. 306 per option.
- The company operates in a single business segment: ‘Development of Real Estate Property’.
- Figures for previous periods have been re-grouped/re-classified for consistency.
Standalone Financial Position (As at March 31, 2025)
Standalone Statement of Assets and Liabilities as at 31 March 2025 (All figures in Rs. Lakhs)
| Particulars | As at 31 March 2025 (Audited) | As at 31 March 2024 (Audited) |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Figures for the quarter ended on 31 December 2024 as reported in the | 1,465 | 609 |
| Investment property | 37,337 | 38,843 |
| Other intangible assets | 42 | 19 |
| Financial assets | ||
| (i) Investments | 10,099 | 9,786 |
| (ii) Loans | 1,18,268 | 1,18,098 |
| (iii) Other financial assets | 5,156 | 631 |
| Non current tax asset (net) | 3,970 | 4,148 |
| Deferred tax assets | 2,549 | 3,970 |
| Other non-current assets | 1,094 | 847 |
| Total non-current assets | 1,79,980 | 1,76,951 |
| Current assets | ||
| Inventories | 1,03,042 | 41,883 |
| Financial assets | ||
| (i) Trade receivables | 10,846 | 13,059 |
| (ii) Cash and cash equivalents | 3,789 | 3,417 |
| (iii) Bank balances other than (ii) above | 29,698 | 13,558 |
| (iv) Loans | 3,10,165 | 1,98,082 |
| (v) Others financial assets | 3,368 | 3,428 |
| Other current assets | 3,956 | 3,240 |
| Total current assets | 4,64,864 | 2,76,667 |
| Total assets | 6,44,844 | 4,53,618 |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| Equity share capital | 16,749 | 13,965 |
| Other equity | 2,40,800 | 97,239 |
| Total equity | 2,57,549 | 1,11,204 |
| Liabilities | ||
| Non-current liabilities | ||
| Financial liabilities | ||
| (i) Borrowings | 1,67,864 | 2,22,244 |
| (ii) Other financial liabilities | 23,568 | 15,814 |
| Provisions | 1,256 | 1,019 |
| Other non-current liabilities | 4,703 | 1,452 |
| Total non-current liabilities | 1,97,391 | 2,40,529 |
| Current liabilities | ||
| Financial liabilities | ||
| (i) Borrowings | 1,05,925 | 75,828 |
| (ii) Trade payables | ||
| (A)Total outstanding dues of micro enterprises and small enterprises | 467 | 309 |
| (B)Total outstanding dues of creditors other than micro enterprises and small enterprises | 13,550 | 10,799 |
| (iii) Other financial liabilities | 41,285 | 12,417 |
| Provisions | 138 | 322 |
| Other current liabilities | 28,539 | 2,210 |
| Total current liabilities | 1,89,904 | 1,01,885 |
| Total equity and liabilities | 6,44,844 | 4,53,618 |
Standalone Cash Flow (FY25)
Standalone Statement of Cash Flow for the year ended 31 March 2025 (All figures in Rs. Lakhs)
| Sr. No. | Particulars | As at 31 March 2025 (Audited) | As at 31 March 2024 (Audited) |
|---|---|---|---|
| A. | Cash flow from operating activities | ||
| Profit/ (loss) before exceptional items, share of net profits / (loss) of investment accounted for using equity method and tax | 4,144 | 13,079 | |
| Adjustments for: | |||
| Interest expenses and other financial charges | 25,025 | 21,244 | |
| Interest income (including fair value change in financial instruments) | (23,924) | (25,454) | |
| Depreciation and amortisation expense | 1,912 | 1,883 | |
| (Gain) on financial instruments at fair value through profit or loss (net) | (39) | (5) | |
| Share of loss from partnership firms / LLP (net) | 18 | 981 | |
| (Gain) on sale of property plant and equipment (net) | (0) | (27) | |
| Provision/ (Reversal of Provision) for doubtful debts advances | - | (1,000) | |
| loss on foreign exchange fluctuation (net) | 12 | 11 | |
| Dividend income | (31) | (31) | |
| Operating (loss) / profit before working capital changes | 7,117 | 10,681 | |
| Working capital adjustments: | |||
| (Increase) / decrease in inventories | (54,962) | (9,803) | |
| Decrease / (increase) in trade and other receivables | 797 | 2,089 | |
| Increase / (decrease) in trade and other payables | 67,787 | 3,590 | |
| Cash generated from operating activities | 20,739 | 6,557 | |
| Direct taxes (paid) | (232) | (4,125) | |
| Net cash flows from / (used in) in operating activities (A) | 20,508 | 2,432 | |
| B. | Cash flow from investing activities | ||
| Purchase of property, plant and equipment, Investment properties, intangible assets (including capital work-in-progress) | (1,315) | (310) | |
| Sale of property, plant and equipment and Investment properties | 30 | 120 | |
| Purchase of long-term investments | (363) | - | |
| Loans given | (4,78,751) | (3,66,046) | |
| Loans given repaid | 3,84,704 | 3,35,398 | |
| Dividend received | 31 | 31 | |
| Investment in current account of partnership firms / LLP’s | (26,395) | (20,475) | |
| Withdrawals from current account of partnership firms / LLP’s | 26,103 | 27,126 | |
| Interest received | 5,734 | 25,454 | |
| Increase / (Decrease) in other bank balances | (20,668) | (5,247) | |
| Net cash flows from / (used in) investing activities (B) | (1,10,889) | (3,949) | |
| C. | Cash flow from financing activities | ||
| Proceed from issuance of equity shares on conversion of CCD which were issued on conversion of loan | 1,44,000 | - | |
| Proceeds from non-current borrowings | 46,700 | 10,170 | |
| Repayment of non-current borrowings | (71,161) | (3,499) | |
| Proceeds from current borrowings | 1,29,086 | 65,632 | |
| Repayment of current borrowings (includes conversion of loan into CCD and subsequently in equity shares) | (1,55,157) | (39,560) | |
| Increase/(decrease) in other borrowings | 3,032 | (9,691) | |
| Interest paid | (25,490) | (23,372) | |
| Net cash flows from / (used in) financing activities (C) | 71,010 | (320) | |
| Net changes in cash and cash equivalents (A+B+C) | (19,371) | (1,837) | |
| Cash and cash equivalents (including bank balance overdraft) at the beginning of the year | 1,402 | 3,239 | |
| Cash and cash equivalents (including bank balance overdraft) at the end of the year | (17,969) | 1,402 |
Summary and Key Changes
Kalpataru Limited reported a strong recovery in profitability for Q4 FY25 and a significant turnaround for the full financial year FY25 on a consolidated basis, mainly driven by an increase in revenue from operations and strategic financial reclassifications.
Consolidated Performance Highlights (FY25 vs FY24):
- Total Income: Increased significantly to Rs. 2,33,159 lakhs in FY25 from Rs. 2,03,993 lakhs in FY24, primarily due to higher revenue from operations.
- Profitability: The company reported a consolidated Profit After Tax (PAT) of Rs. 2,474 lakhs in FY25, a substantial improvement from a loss of Rs. (10,804) lakhs in FY24. This turnaround is reflected in the Basic EPS, which moved from Rs. (6.80) in FY24 to Rs. 1.54 in FY25.
- Other Income and Finance Costs: The reclassification of unwinding cost on Compulsory Convertible Debentures (CCDs) due to their conversion into equity shares notably impacted both “Other Income” (increased) and “Finance Costs” (decreased) in Q4 FY25.
- Balance Sheet Strength: Total assets grew to Rs. 16,37,486 lakhs as of March 31, 2025, from Rs. 13,87,114 lakhs in the previous year. This was largely driven by an increase in inventories and financial assets (investments, other financial assets).
- Equity Position: Total equity surged from Rs. 99,208 lakhs in FY24 to Rs. 2,45,640 lakhs in FY25. This massive increase is largely due to the IPO proceeds of approximately Rs. 1,59,000 lakhs received post-year-end (July 1, 2025), which will be reflected in Q1 FY26 financials but is highlighted as a material subsequent event.
- Borrowings: Non-current borrowings decreased from Rs. 3,98,009 lakhs to Rs. 3,50,790 lakhs, while current borrowings slightly declined from Rs. 6,70,822 lakhs to Rs. 6,66,412 lakhs.
- Cash Flow: Net cash generated from operating activities improved to Rs. 48,825 lakhs in FY25 from Rs. 37,649 lakhs in FY24. Investing activities resulted in a net cash outflow of Rs. (3,459) lakhs, significantly lower than the Rs. (13,254) lakhs in FY24. Financing activities saw a higher net cash outflow of Rs. (64,374) lakhs compared to Rs. (29,973) lakhs in FY24, primarily due to loan repayments and debenture movements, partly offset by the IPO-related equity conversion. This resulted in a negative net change in cash and cash equivalents of Rs. (19,008) lakhs.
Standalone Performance Highlights (FY25 vs FY24):
- Total Income: Decreased to Rs. 53,659 lakhs in FY25 from Rs. 56,445 lakhs in FY24.
- Profitability: Standalone PAT declined to Rs. 2,325 lakhs in FY25 from Rs. 8,166 lakhs in FY24. Basic EPS also decreased from Rs. 5.85 to Rs. 1.66.
- Balance Sheet: Total assets grew to Rs. 6,44,844 lakhs as of March 31, 2025, from Rs. 4,53,618 lakhs, with a substantial increase in loans under current assets.
- Equity: Similar to consolidated, standalone equity also saw a significant boost from Rs. 1,11,204 lakhs to Rs. 2,57,549 lakhs due to the IPO proceeds.
- Cash Flow: Net cash from operating activities significantly increased to Rs. 20,508 lakhs in FY25 from Rs. 2,432 lakhs in FY24. However, investing activities led to a massive cash outflow of Rs. (1,10,889) lakhs, driven by loans given. Financing activities generated cash of Rs. 71,010 lakhs, mainly from the conversion of CCDs into equity shares. This resulted in a net negative change in cash and cash equivalents of Rs. (19,371) lakhs.
The company’s strong consolidated performance in FY25, particularly the return to profitability and the significant boost to equity from the recent IPO, indicates a positive trajectory. However, the auditor’s “Emphasis of Matter” regarding certain subsidiaries’ going concern status due to losses and negative net worth remains a point for monitoring, although management’s commitment to support them is noted.
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