Shri Mahalaxmi Agricultural Development Limited reported a net loss of ₹14,04,025.71 for the financial year ended March 31, 2022 (FY22), reversing a net profit of ₹5,21,278.04 in FY21. The company remained operationally dormant, recording zero revenue from operations, while total income fell sharply by 58.38% to ₹10,20,162.63 from ₹24,51,370.33 in the previous year due to declining investment returns.

The filing, submitted pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, includes the notice for the 29th Annual General Meeting scheduled for August 29, 2026. The meeting will be held via Video Conference or Other Audio Visual Means (OAVM) as per the Companies Act, 2013. Executive Director Kiran Vitthal Bhogate signed the report on August 7, 2026.

Financial Performance

The company’s core business segments remained inactive throughout FY22, resulting in nil revenue from operations. Total expenses rose to ₹24,24,188.34 from ₹19,30,092.32 in FY21, primarily driven by employee benefit expenses of ₹4,80,000.00 and other administrative costs. The loss before tax stood at ₹14,04,025.71, with no tax expense recorded.

Other income, which constituted the entirety of the company’s earnings, declined significantly. This category included net F&O trading profit of ₹4,51,915.47, short-term capital gains of ₹3,34,916.22, and dividend income of ₹1,76,490.00. Interest income dropped to ₹34,427.00 from ₹15,22,925.53 in the prior year.

Balance Sheet and Ratios

Long-term borrowings increased by ₹1,76,10,025.72 during the year, raising the debt-equity ratio to 0.266 from 0.111 in FY21. Total assets stood at ₹15,19,61,982.44, with current investments comprising ₹1,88,49,661.17. The current ratio improved slightly to 3.39 from 2.84.

What the Numbers Show

The financial data reveals a complete reliance on non-operational activities for cash generation, as core revenue remains at zero. The widening loss in FY22 was exacerbated by a one-time long-term capital loss of ₹17,52,725.76, which offset gains from trading and dividends. With no operational turnover, debtor and inventory ratios remain non-applicable, highlighting the company’s status as an investment-holding entity rather than an active agricultural developer during this period.

Shri Mahalaxmi Agricultural Development Limited returned to profitability in FY23, reporting a net profit of ₹64,18,148.62 compared to a net loss of ₹14,04,025.71 in FY22. The turnaround was not operational but financial, driven by a one-time long-term capital gain of ₹1,24,66,752.31 from the disposal of investments. This gain offset operating expenses and reversed the prior year’s deficit, marking a significant shift in the company’s bottom line despite zero revenue from core agricultural or trading activities.

The company filed its annual report under Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, alongside the notice for its 30th Annual General Meeting scheduled for August 29, 2026. The meeting will be held via Video Conference or Other Audio Visual Means (OAVM) at 01:00 pm. Executive Director Kiran Vitthal Bhogate signed the report on August 7, 2026, confirming the financial statements for the year ended March 31, 2023.

Financial Performance

The company generated no revenue from operations in FY23, consistent with its performance in FY22. Total income was derived entirely from other sources, rising to ₹1,26,89,869.52 in FY23 from ₹10,20,162.63 in FY22. This surge was primarily due to the long-term capital gains mentioned above, along with short-term capital gains of ₹2,20,666.76 and dividend income of ₹2,450.45.

Total expenses remained relatively stable at ₹62,71,720.90 in FY23, identical to the figure reported in FY22. However, the composition of expenses shifted; employee benefit expenses, which were ₹4,80,000.00 in FY22, dropped to nil in FY23. Other expenses, including office and general costs, accounted for the bulk of the outflow.

Balance Sheet and Cash Flow

The company’s leverage increased during the period. Long-term borrowings rose by ₹2,50,00,000 to reach ₹5,55,92,023.20 as of March 31, 2023, up from ₹3,05,92,023.20 in the previous year. This increase contributed to a rise in the debt-equity ratio to 0.457 from 0.265.

Conversely, current investments fell sharply from ₹1,88,49,661.17 to ₹6,34,321.35, reflecting the liquidation of assets that generated the capital gains. The current ratio declined significantly by 83.4% to 0.56, driven by this reduction in liquid assets. Cash flows from operating activities were negative at ₹(5,53,81,984), while investing activities showed a net inflow of ₹3,09,05,209 due to proceeds from investment sales.

Corporate Governance

The Board of Directors convened six meetings during FY23, with all directors attending each session. The board composition remained unchanged, comprising Kiran Vitthal Bhogate as Executive Director, Prajakta Ashok Patil as Non-Executive Independent Director, and Sidu Mahadev Jambhale as Independent Director. The statutory auditors, Mulraj D Gala & Co., confirmed that there were no related-party transactions at non-arm’s length basis and no frauds were noticed during the year.