On May 26, 2025, the Board of Directors of Paul Merchants Limited convened a meeting to approve the audited financial results for the quarter and financial year ended March 31, 2025. The meeting, which commenced at 2:00 P.M. and concluded at 6:20 P.M., included a review by the Audit Committee.
The board approved the standalone and consolidated audited financial results, along with the segment results, for the quarter and financial year ended March 31, 2025. They also approved the statement of standalone and consolidated audited assets and liabilities as of March 31, 2025, and the standalone and consolidated audited cash flow statements for the financial year ended March 31, 2025.
The Independent Auditor’s Report, which provided an unmodified opinion from the Statutory Auditors, was reviewed and accepted for both standalone and consolidated financial results. According to a declaration signed by the Managing Director, the Audit Reports on the financial results have an unmodified opinion.
The financial results were consolidated with three Wholly Owned Subsidiary Companies: M/s Paul Merchants Finance Private Limited, M/s PML Realtors Private Limited, and M/s Paul Infotech Private Limited.
The audited standalone financial results for the quarter and financial year ended March 31, 2025, are available on the BSE Limited website and the company's website.
The audited consolidated financial results are also available on the websites of BSE Limited and the company.
The figures for the quarter ended March 31, 2025, are balancing figures between the audited full financial year figures and the published figures for the nine months ended December 31, 2024.
Paum Rajneesh B, Managing Director, declared on behalf of the Board of Directors that M/s Rajiv Goel & Associates, Chartered Accountants, have issued an Audit Report with an unmodified opinion on the Standalone as well as Consolidated Financial Results for the quarter and financial year ended March 31, 2025. These results were approved by the Board of Directors in their meeting held on May 26, 2025.
Financial Highlights (Standalone)
- Revenue from Operations: ₹57,808.78 Lakhs
- Total Revenue: ₹54,252.79 Lakhs
- Profit/Loss Before Tax: ₹67,9153.10 Lakhs
- Profit/Loss for the period: ₹52,4116.38 Lakhs
- Earnings Per Share:
- Basic: ₹19.16
- Diluted: ₹19.16
Segment-Wise Performance (Year Ended 31.03.2025)
- Forex Segment: Net sale/income of ₹332,857.84 (in lakhs)
- Travel Segment: Net sale/income of ₹751.82 (in lakhs)
- Money Transfer: Net sale/income of ₹16.41 (in lakhs)
Segment Results (Profit/Loss Before Tax and Interest)
- Forex Segment: Profit of ₹1,634.91 (in lakhs)
- Travel Segment: Loss of ₹20.16 (in lakhs)
- Money Transfer: Profit of ₹14.65 (in lakhs)
Assets and Liabilities (as of 31.03.2025)
- Total Assets: ₹53,210.13 (in lakhs)
- Total Liabilities: ₹5,014.72 (in lakhs)
Cash Flow Statement (Year Ended 31.03.2025)
- Net cash from operating activities: ₹-1,073.26 (in lakhs)
- Net cash from investing activities: ₹-2,481.37 (in lakhs)
- Net cash from financing activities: ₹-838.44 (in lakhs)
RBI Penalties
- A penalty of ₹1,13,80,000 was imposed by the RBI under Section 11(3) of FEMA, which was deposited on January 24, 2025. This amount was recorded under Exceptional Items.
- A penalty of ₹70,000 was imposed by the RBI for violations related to money changing activities, specifically for not producing concurrent audit reports for the Surat branch from June 2015 to December 2015. This was deposited on December 27, 2024, and also recorded under Exceptional Items.
- A compounding amount of ₹11.40 Lakhs was advised by the RBI, which was deposited on January 23, 2025.
The company has submitted an application to the Directorate of Enforcement, Chandigarh, to drop adjudicating proceedings, as the matter has been adjudicated by the RBI for both the company and its Principal Officer.
The Chief Financial Officer and Managing Director certified that the financial results do not contain false or misleading statements and do not omit any material facts.
The company is transferring its Gold Loan Business to L&T Finance Limited, expected to be completed in June 2025.
The company and its subsidiary, Paul Merchants Finance Pvt Ltd (PMFPL), approved the transfer of PMFPL's Gold Loan Business to L&T Finance Limited via a slump sale on a going concern basis. This includes the transfer of all related assets, liabilities, employees, contracts, rights, obligations, and goodwill.
In compliance with IND AS 105, the assets and liabilities of the Gold Loan Business have been presented separately in the consolidated audited financial balance sheet as "Group of assets classified as held for sale" and "Group of liabilities classified as held for sale." The gold loan business has been identified as a discontinued operation.
The financial results have been prepared in accordance with Indian Accounting Standards (Ind AS). There were no changes in the accounting policies during the period under review.
The company did not engage in any fund-raising activity during the reporting quarter and year ending. There were no material adjustments made in the results of the quarter that pertain to earlier periods.
The statutory auditors have audited the consolidated financial results without expressing any reservation or qualification. They have also subjected themselves to the peer review process of the Institute of Chartered Accountants of India.
Consolidated Statement of Assets & Liabilities (in Lakhs)
The Consolidated Statement of Assets & Liabilities (in Lakhs) as of March 31, 2025, and March 31, 2024 (Audited) are:
Assets:
- Non-Current Assets:
- Property, Plant, and Equipment: 6,167.12 (2025) vs 7,130.94 (2024)
- Capital Work in Progress: 21.25 vs 25.25
- Investment Property: 36.56 vs 288.82
- Goodwill: 0 vs 66.20
- Other Intangible Assets: 0.75 vs 0
- Intangible Assets Under Development: 251.68 vs 224.04
- Biological Assets other than bearer plants: 66.70 vs 591.26
- Financial Assets:
- Investments: 41.61 vs 1,864.53
- Trade Receivables: 0.00 vs 1,994.08
- Loans: 7,130.94 vs 1,385.78
- Deferred Tax Assets (Net): 25.25 vs 746.18
- Other Non-Current Assets: 288.82 vs 640.62
- Current Assets:
- Investments: 66.20 vs 89.88
- Trade Receivables: 2,167.93 vs 1,210.22
- Cash and cash equivalents: 552.08 vs 143,743.69
- Bank Balance Other than above: 2,506.55 vs 2,167.93
- Loans: 1,596.61 vs 552.08
- Current Tax Assets (Net): 96,983.06 vs 2,506.55
- Other Current Assets: 1,067.27 vs 1,596.61
- Group of assets classified as held for sale: 1,340.69 vs 96,983.06
Equity and Liabilities:
- Equity:
- Equity Capital: 308.40 (both years)
- Other Equity: 62,579.66 vs 56,211.75
- Non-Current Liabilities:
- Financial Liabilities:
- Borrowings: 14,712.71 vs 90,111.57
- Trade Payables: 13.00 vs 1,541.63
- Other financial liabilities: 378.59 vs 204.12
- Financial Liabilities:
- Current Liabilities:
- Financial Liabilities:
- Borrowings: 1,478.94 vs 5,390.38
- Trade Payables: 1,159.96 vs 1,975.05
- Other financial liabilities: 511.52 vs 1,355.86
- Other Current Liabilities: 34,564.82 vs 722.16
- Group of liabilities classified as held for sale: 722.16 vs 34,564.82
- Financial Liabilities:
The financial results of the wholly-owned subsidiary, PML Realtos Private Limited, were not audited by the same auditors. These results include total assets of ₹2830.73 Lakhs, total revenues of ₹562 Lakhs, and a net profit after tax of ₹87.17 Lakhs for the year ended March 31, 2025.
