Integrated Filing — IndAS



General information about company
Scrip Code 523384
NSE Symbol MAHAPEXLTD
MSEI Symbol NOTLISTED
ISIN INE843B01013
Name of company MAHA RASHTRA APEX CORPORATION LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-Apr-2024
Date of end of financial year 31-Mar-2025
Date of board meeting when results were approved 30-May-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 19-May-2025
Description of presentation currency INR (in Actuals)
Reporting Type Quarterly
Reporting Quarter Fourth quarter
Nature of report standalone or consolidated Standalone
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Single segment
Description of single segment The Company is operating in single segment
Start date and time of board meeting 30-May-2025   11:00:00
End date and time of board meeting 30-May-2025   15:30:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification
Whether the company has any related party? Yes
Whether the company has entered into any Related Party transaction during the selected half year for which it wants to submit disclosure? No
(I) We declare that the acceptance of fixed deposits by the bans/Non-Banking Finance Company are at the terms uniformly applicable/offered to all shareholders/public NA
(II) We declare that the scheduled commercial bank, as per RBI circular RBI/DBR/2015-16/19 dated March 03, 2016, has allowed additional interest of one per cent per annum, over and above the rate of interest mentioned in the schedule of interest rates on savings or a term deposits of banks staff and their exclusive associations as well as on deposits of Chairman, Chairman & Managing Director, Executive Director or such other Executives appointed for a fixed tenure. NA
Whether the company is a high value debt listed entity according to regulation 15 (1A)? No
(a) If answer to above question is Yes, whether complying with proviso to regulation 23 (9), i.e., submitting RPT disclosures on the day of results publication?
(b) If answer to above question is No, please explain the reason for not complying.
Whether the updated Related Party Transactions (RPT) Policy (in compliance with Reg. 23 of SEBI LODR) has been uploaded on the website of the Company? Yes
Latest Date on which RPT policy is updated 2025-02-10
Indicate Company website link for updated RPT policy of the Company https://www.maharashtraapex.com/pdf/POLICY%20ON%20RELATED%20PARTY%20TRANSACTIONS.pdf
Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter? No
No. of times funds raised during the quarter
Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity? No
NOT APPLICABLE



Financial Results Ind-AS
Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-Jan-2025 01-Apr-2024
B Date of end of reporting period 31-Mar-2025 31-Mar-2025
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Standalone Standalone
Part I Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column.
1 Income
Revenue from operations 2981000 4405000
Other income 1591000 61725000
Total income 4572000 66130000
2 Expenses
(a) Cost of materials consumed 0 0
(b) Purchases of stock-in-trade 0 0
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 0 0
(d) Employee benefit expense 2694000 7810000
(e) Finance costs 0 0
(f) Depreciation, depletion and amortisation expense 83000 365000
(f) Other Expenses
1 Other Expenses 3032000 9963000
Total other expenses 3032000 9963000
Total expenses 5809000 18138000
3 Total profit before exceptional items and tax -1237000 47992000
4 Exceptional items 100746000 110114000
5 Total profit before tax 99509000 158106000
6 Tax expense
7 Current tax 39791000 41191000
8 Deferred tax 0 0
9 Total tax expenses 39791000 41191000
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0 0
11 Net Profit Loss for the period from continuing operations 59718000 116915000
12 Profit (loss) from discontinued operations before tax 0 0
13 Tax expense of discontinued operations 0 0
14 Net profit (loss) from discontinued operation after tax 0 0
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0 0
16 Total profit (loss) for period 59718000 116915000
17 Other comprehensive income net of taxes 367576000 46773000
18 Total Comprehensive Income for the period 427294000 163688000
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent
Total profit or loss, attributable to non-controlling interests
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent
Total comprehensive income for the period attributable to owners of parent non-controlling interests
21 Details of equity share capital
Paid-up equity share capital 140919000 140919000
Face value of equity share capital 10 10
27 Details of debt securities
22 Reserves excluding revaluation reserve 4326897000
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 4.24 8.3
Diluted earnings (loss) per share from continuing operations 4.24 8.3
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 4.24 8.3
Diluted earnings (loss) per share from continuing and discontinued operations 4.24 8.3
24 Debt equity ratio 0.0017 0.0017
25 Debt service coverage ratio 0 0
26 Interest service coverage ratio 0 0
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results
Textual Information(1) 1. The above audited standalone financial results of the Company for the year ended March 31, 2025 have been reviewed by the Audit Committee and thereafter approved by the Board of Directors in their Meeting held on 30.05.2025. n2. The above standalone financial results have been prepared in accordance with the Indian Accounting Standards (Ind AS) as notified under the Companies (Ind As) Rules 2015 as specified in Section 133 of the Companies Act, 2013 read with SEBI's CircularNo.CIRICFDICMDI1512015 Dt.30th November 2015 as modified by SEBI's Circular No. CIRICFDIFRACI6212016 Dt. 05th July 2016 and other recognised accounting practices and policies. n3. The Company is operating in single segment. n4. The figures for the quarter ended 31st March 2025 and the corresponding quarter ended in the previous year as reported in the statement are the balancing figures between audited figures in respect of the full financial year and the published unaudited figures up to the end of the 3rd quarter of the relevent financial year which are subject to limited review. n5. The Company has not rcognised deferred tax asset/laibility as a matter prudence n6.Exceptional income includes an amount of Rs.1,000.50 lakhs pertaining to unsecured lease deposits and inter-corporate deposit (ICD) liabilities, which are no longer payable and have been reversed during the year n



Remarks
Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities
Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-Apr-2024
Date of end of reporting period 31-Mar-2025
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Standalone
Assets
1 Non-current assets
Property, plant and equipment 901000
Capital work-in-progress 0
Investment property 21640000
Goodwill 0
Other intangible assets 0
Intangible assets under development 0
Biological assets other than bearer plants 0
Investments accounted for using equity method 0
Non-current financial assets
Non-current investments 5040866000
Trade receivables, non-current 0
Loans, non-current 0
Other non-current financial assets 1089000
Total non-current financial assets 5041955000
Deferred tax assets (net) 0
Other non-current assets 34844000
Total non-current assets 5099340000
2 Current assets
Inventories 0
Current financial asset
Current investments 0
Trade receivables, current 0
Cash and cash equivalents 2208000
Bank balance other than cash and cash equivalents 0
Loans, current 0
Other current financial assets 177241000
Total current financial assets 179449000
Current tax assets (net) 0
Other current assets 0
Total current assets 179449000
3 Non-current assets classified as held for sale 3442000
4 Regulatory deferral account debit balances and related deferred tax Assets 0
Total assets 5282231000
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 141178000
Other equity 4359612000
Total equity attributable to owners of parent 4500790000
Non controlling interest
Total equity 4500790000
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 0
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0
Total Trade payable 0
Other non-current financial liabilities 0
Total non-current financial liabilities 0
Provisions, non-current 0
Deferred tax liabilities (net) 0
Deferred government grants, Non-current 0
Other non-current liabilities 0
Total non-current liabilities 0
Current liabilities
Current financial liabilities
Borrowings, current 0
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 0
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0
Total Trade payable 0
Other current financial liabilities 451441000
Total current financial liabilities 451441000
Other current liabilities 0
Provisions, current 0
Current tax liabilities (Net) 0
Deferred government grants, Current 0
Total current liabilities 451441000
3 Liabilities directly associated with assets in disposal group classified as held for sale 330000000
4 Regulatory deferral account credit balances and related deferred tax liability 0
Total liabilities 781441000
Total equity and liabilites 5282231000
Disclosure of notes on assets and liabilities



Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results
Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-Jan-2025 01-Apr-2024
Date of end of reporting period 31-Mar-2025 31-Mar-2025
Whether accounts are audited or unaudited Audited Audited
Nature of report standalone or consolidated Standalone Standalone
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets null null
Net Segment Asset null null
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities null null
Net Segment Liabilities null null
Disclosure of notes on segments



Other Comprehensive Income
Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-Jan-2025 01-Apr-2024
B Date of end of reporting period 31-Mar-2025 31-Mar-2025
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Standalone Standalone
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
Total Amount of items that will not be reclassified to profit and loss
2 Income tax relating to items that will not be reclassified to profit or loss -367576000 -46773000
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss
5 Total Other comprehensive income 367576000 46773000



Cash flow statement, indirect
Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-Apr-2024
B Date of end of reporting period 31-Mar-2025
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Standalone
Part I Blue color marked fields are non-mandatory.
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 158106000
Adjustments for reconcile profit (loss)
Adjustments for finance costs 0
Adjustments for decrease (increase) in inventories 0
Adjustments for decrease (increase) in trade receivables, current 0
Adjustments for decrease (increase) in trade receivables, non-current 0
Adjustments for decrease (increase) in other current assets 7939000
Adjustments for decrease (increase) in other non-current assets -21325000
Adjustments for other financial assets, non-current 11000
Adjustments for other financial assets, current 0
Adjustments for other bank balances 0
Adjustments for increase (decrease) in trade payables, current 0
Adjustments for increase (decrease) in trade payables, non-current 0
Adjustments for increase (decrease) in other current liabilities -100702000
Adjustments for increase (decrease) in other non-current liabilities 0
Adjustments for depreciation and amortisation expense 365000
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0
Adjustments for provisions, current -25000
Adjustments for provisions, non-current 0
Adjustments for other financial liabilities, current 0
Adjustments for other financial liabilities, non-current -284000
Adjustments for unrealised foreign exchange losses gains 0
Adjustments for dividend income 56953000
Adjustments for interest income 225000
Adjustments for share-based payments 0
Adjustments for fair value losses (gains) -19000
Adjustments for undistributed profits of associates 0
Other adjustments for which cash effects are investing or financing cash flow 0
Other adjustments to reconcile profit (loss) 0
Other adjustments for non-cash items 45838000
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0
Total adjustments for reconcile profit (loss) -125380000
Net cash flows from (used in) operations 32726000
Dividends received 0
Interest paid 0
Interest received 0
Income taxes paid (refund) 41199000
Other inflows (outflows) of cash 9626000
Net cash flows from (used in) operating activities 1153000
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0
Cash flows used in obtaining control of subsidiaries or other businesses 0
Other cash receipts from sales of equity or debt instruments of other entities 0
Other cash payments to acquire equity or debt instruments of other entities 0
Other cash receipts from sales of interests in joint ventures 0
Other cash payments to acquire interests in joint ventures 0
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0
Proceeds from sales of property, plant and equipment 0
Purchase of property, plant and equipment 9033000
Proceeds from sales of investment property 0
Purchase of investment property 49093000
Proceeds from sales of intangible assets 0
Purchase of intangible assets 0
Proceeds from sales of intangible assets under development 0
Purchase of intangible assets under development 0
Proceeds from sales of goodwill 0
Purchase of goodwill 0
Proceeds from biological assets other than bearer plants 0
Purchase of biological assets other than bearer plants 0
Proceeds from government grants 0
Proceeds from sales of other long-term assets 64000
Purchase of other long-term assets 0
Cash advances and loans made to other parties 0
Cash receipts from repayment of advances and loans made to other parties 0
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0
Dividends received 56953000
Interest received 225000
Income taxes paid (refund) 0
Other inflows (outflows) of cash 0
Net cash flows from (used in) investing activities -884000
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0
Payments from changes in ownership interests in subsidiaries 0
Proceeds from issuing shares 0
Proceeds from issuing other equity instruments 0
Payments to acquire or redeem entity's shares 0
Payments of other equity instruments 0
Proceeds from exercise of stock options 0
Proceeds from issuing debentures notes bonds etc 0
Proceeds from borrowings 0
Repayments of borrowings 0
Payments of lease liabilities 0
Dividends paid 0
Interest paid 0
Income taxes paid (refund) 0
Other inflows (outflows) of cash 0
Net cash flows from (used in) financing activities 0
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 269000
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0
Net increase (decrease) in cash and cash equivalents 269000
Cash and cash equivalents cash flow statement at beginning of period 1887000
Cash and cash equivalents cash flow statement at end of period 2156000





Details of Impact of Audit Qualification
Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification
Auditor's opinion Qualified opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 H G Sarvaiya & Co. Yes 31-Mar-2026


Financial details
Sr. Particulars Audited Figures (as reported before adjusting for qualifications) Adjusted Figures (audited figures after adjusting for qualifications)
1 Turnover / Total income 66130000 66130000
2 Total Expenditure 18138000 22952000
3 Net Profit/(Loss) 116915000 112101000
4 Earnings Per Share 8.3 7.95
5 Total Assets 5282231000 5282231000
6 Total Liabilities 1562883000 1596258000
7 Net Worth 4500709000 4467415000


Audit qualification
Sr. Details of Audit Qualification Type of Audit Qualification Frequency of qualification For Audit Qualification(s) where the impact is quantified by the auditor For Audit Qualification(s) where the impact is not quantified by the auditor
Management's Views (i) Management's estimation on the impact of audit qualification (ii) If management is unable to estimate the impact, reasons for the same Auditors' Comments on (i) or (ii) above
1 Textual Information(1) Qualified opinion Repetitive Textual Information(2) Textual Information(3) Textual Information(4) Textual Information(5)


Text Block
Textual Information(1) The Company has not provided for delayed period interest cost on deposit amounting to Rs. 48.14 lakhs for the year ending 31st March 2025 and Rs. 12.01 lakhs for the quarter ending 31st March 2025, cumulative impact of interest cost not provided from October 2019 to March, 2025 is Rs. 333.75 lakhs. To that extent profit is overstated and liability is understated.
Textual Information(2) Interest is required to be provided for delays, if any, by the Company in payment of instalment. So, interest was provided up to 30th September, 2019. The Management decided not to provide interest after 1st October, 2019 as there was a Public notice issued by the Company in News Paper on 14th May, 2019 to the Bond & Deposit holders to surrender their Certificates and collect their final instalment dues. The public notice conveys that Company is ready to pay and, therefore, no further delay and, therefore, no delayed period interest need to be provided.
Textual Information(3) NA
Textual Information(4) NA
Textual Information(5) NA


Signatories detail
Name of CEO / Managing director Aspi Nariman Katgara
Name of CFO Jamsheed M Panday
Name of audit committee chairman Jyothi V B
Name of statutory auditor H G Sarvaiya & Co.
Name of other signatory, if any, with designation
Place Bengaluru
Date 30-May-2025


Format for Disclosure of Related Party Transactions (applicable only for half-yearly filings i.e., 2nd and 4th quarter)
Sr No. Additional disclosure of related party transactions - applicable only in case the related party transaction relates to loans, inter-corporate deposits, advances or investments made or given by the listed entity/subsidiary. These details need to be disclosed only once, during the reporting period when such transaction was undertaken.
Details of the party (listed entity/subsidiary) entering into the transaction Details of the counterparty Type of related party transaction Details of other related party transaction Value of the related party transaction as approved by the audit committee Remarks on approval by audit committee Value of the related party transaction ratified by the audit committee Date of Audit Committee Meeting where the ratification was approved Value of transaction during the reporting period In case monies are due to either party as a result of the transaction In case any financial indebtedness is incurred to make or give loans, inter-corporate deposits, advances or investments Details of the loans, inter-corporate deposits, advances or investments Notes
Name PAN Name PAN Relationship of the counterparty with the listed entity or its subsidiary Opening balance Closing balance Nature of indebtedness (loan/ issuance of debt/ any other etc.) Details of other indebtedness Cost Tenure Nature (loan/ advance/ intercorporate deposit/ investment ) Interest Rate (%) Tenure Secured/ unsecured Purpose for which the funds will be utilised by the ultimate recipient of funds (endusage)
1 Maha Rashtra Apex Corporation Limited KUDI BHOJA SHETTY Chairman-Non-Executive Director Any other transaction Sitting Fees NA 4000 0 0
2 Maha Rashtra Apex Corporation Limited ASPI NARIMAN KATGARA Managing Director Remuneration NA 537000 0 0
3 Maha Rashtra Apex Corporation Limited JYOTHI VISHWESHWARAIAH BHADRAVATHI Independent Director Any other transaction Sitting Fees NA 4000 0 0
4 Maha Rashtra Apex Corporation Limited YAZDIN JIMMY MISTRY Non-Executive Director Any other transaction Sitting Fees NA 4000 0 0
5 Maha Rashtra Apex Corporation Limited VIDYA MANANJAY MORE Independent Director Any other transaction Sitting Fees & Professional Fees NA 124000 0 0
6 Maha Rashtra Apex Corporation Limited NAGARAJAN SIVARAMAKRISHNAN Non-Executive Director Any other transaction Sitting Fees NA 2000 0 0
7 Maha Rashtra Apex Corporation Limited JAMSHEED M PANDAY Company Secretary & CFO Remuneration NA 3000 0 0
8 Maha Rashtra Apex Corporation Limited Maharashtra Asset Management Company Ltd Subsidiary Any other transaction Service Charges Received NA 48000 11600000 11552000
9 Maha Rashtra Apex Corporation Limited Manipal Springs Ltd Associate Company Loan NA 1300000 48647000 47347000
10 Maha Rashtra Apex Corporation Limited Kanara Consumer Products Ltd. Associate Company Dividend received NA 56930000 0 0
Total value of transaction during the reporting period 58956000