PRAXIS2025-01-012025-03-31PRAXIS2025-03-31PRAXIS2024-03-31PRAXIS2024-04-012025-03-31PRAXIS2025-01-012025-03-31in-capmkt:OtherExpenses1MemberPRAXIS2024-04-012025-03-31in-capmkt:OtherExpenses1MemberPRAXIS2025-01-012025-03-31ItemsThatWillNotBeReclassifiedToProfitAndLoss1PRAXIS2024-04-012025-03-31ItemsThatWillNotBeReclassifiedToProfitAndLoss1PRAXIS2025-01-012025-03-31RelatedPartyTransactionDomain1PRAXIS2024-12-31RelatedPartyTransactionDomain1PRAXIS2025-03-31RelatedPartyTransactionDomain1PRAXIS2025-01-012025-03-31RelatedPartyTransactionDomain2PRAXIS2024-12-31RelatedPartyTransactionDomain2PRAXIS2025-03-31RelatedPartyTransactionDomain2PRAXIS2025-01-012025-03-31RelatedPartyTransactionDomain3PRAXIS2024-12-31RelatedPartyTransactionDomain3PRAXIS2025-03-31RelatedPartyTransactionDomain3PRAXIS2025-01-012025-03-31RelatedPartyTransactionDomain4PRAXIS2024-12-31RelatedPartyTransactionDomain4PRAXIS2025-03-31RelatedPartyTransactionDomain4PRAXIS2025-01-012025-03-31RelatedPartyTransactionDomain5PRAXIS2024-12-31RelatedPartyTransactionDomain5PRAXIS2025-03-31RelatedPartyTransactionDomain5PRAXIS2025-01-012025-03-31RelatedPartyTransactionDomain6PRAXIS2024-12-31RelatedPartyTransactionDomain6PRAXIS2025-03-31RelatedPartyTransactionDomain6PRAXIS2025-01-012025-03-31RelatedPartyTransactionDomain7PRAXIS2024-12-31RelatedPartyTransactionDomain7PRAXIS2025-03-31RelatedPartyTransactionDomain7PRAXIS2025-01-012025-03-31RelatedPartyTransactionDomain8PRAXIS2024-12-31RelatedPartyTransactionDomain8PRAXIS2025-03-31RelatedPartyTransactionDomain8PRAXIS2025-01-012025-03-31RelatedPartyTransactionDomain9PRAXIS2024-12-31RelatedPartyTransactionDomain9PRAXIS2025-03-31RelatedPartyTransactionDomain9PRAXIS2025-01-012025-03-31RelatedPartyTransactionDomain10PRAXIS2024-12-31RelatedPartyTransactionDomain10PRAXIS2025-03-31RelatedPartyTransactionDomain10PRAXIS2025-01-012025-03-31RelatedPartyTransactionDomain11PRAXIS2024-12-31RelatedPartyTransactionDomain11PRAXIS2025-03-31RelatedPartyTransactionDomain11PRAXIS2025-01-012025-03-31RelatedPartyTransactionDomain12PRAXIS2024-12-31RelatedPartyTransactionDomain12PRAXIS2025-03-31RelatedPartyTransactionDomain12PRAXIS2025-01-012025-03-31RelatedPartyTransactionDomain13PRAXIS2024-12-31RelatedPartyTransactionDomain13PRAXIS2025-03-31RelatedPartyTransactionDomain13PRAXIS2025-01-012025-03-31RelatedPartyTransactionDomain14PRAXIS2024-12-31RelatedPartyTransactionDomain14PRAXIS2025-03-31RelatedPartyTransactionDomain14PRAXIS2025-01-012025-03-31RelatedPartyTransactionDomain15PRAXIS2024-12-31RelatedPartyTransactionDomain15PRAXIS2025-03-31RelatedPartyTransactionDomain15PRAXIS2025-01-012025-03-31RelatedPartyTransactionDomain16PRAXIS2024-12-31RelatedPartyTransactionDomain16PRAXIS2025-03-31RelatedPartyTransactionDomain16PRAXIS2025-01-012025-03-31RelatedPartyTransactionDomain17PRAXIS2024-12-31RelatedPartyTransactionDomain17PRAXIS2025-03-31RelatedPartyTransactionDomain17PRAXIS2025-01-012025-03-31RelatedPartyTransactionDomain18PRAXIS2024-12-31RelatedPartyTransactionDomain18PRAXIS2025-03-31RelatedPartyTransactionDomain18PRAXIS2025-01-012025-03-31RelatedPartyTransactionDomain19PRAXIS2024-12-31RelatedPartyTransactionDomain19PRAXIS2025-03-31RelatedPartyTransactionDomain19PRAXIS2025-01-012025-03-31RelatedPartyTransactionDomain20PRAXIS2024-12-31RelatedPartyTransactionDomain20PRAXIS2025-03-31RelatedPartyTransactionDomain20PRAXIS2025-01-012025-03-31RelatedPartyTransactionDomain21PRAXIS2024-12-31RelatedPartyTransactionDomain21PRAXIS2025-03-31RelatedPartyTransactionDomain21PRAXIS2025-01-012025-03-31RelatedPartyTransactionDomain22PRAXIS2024-12-31RelatedPartyTransactionDomain22PRAXIS2025-03-31RelatedPartyTransactionDomain22PRAXIS2025-01-012025-03-31AuditorDomain1PRAXIS2025-01-012025-03-31in-capmkt:AuditedMemberPRAXIS2025-03-31in-capmkt:AuditedMemberPRAXIS2025-01-012025-03-31in-capmkt:AdjustedMemberPRAXIS2025-03-31in-capmkt:AdjustedMemberPRAXIS2025-01-012025-03-31AuditQualification1PRAXIS2025-01-012025-03-31AuditQualification2PRAXIS2025-01-012025-03-31AuditQualification3PRAXIS2025-01-012025-03-31AuditQualification4PRAXIS2025-01-012025-03-31AuditQualification5PRAXIS2025-01-012025-03-31AuditQualification6iso4217:INRiso4217:INRxbrli:shares540901PRAXISNOTLISTEDINE546Y01022Praxis Home Retail LimitedMain BoardEquity2024-04-012025-03-312025-05-122025-05-06INRLakhsQuarterlyFourth quarterSingle segmentRetail2025-05-1216:35:002025-05-1217:30:00trueCash Flow IndirectStatement on impact of audit qualificationtruetrueNANAfalsetrue2025-02-12www.praxisretail.infalsefalseNA2025-01-012025-03-31AuditedStandalone272008000268800027469600001388550003529000046094000339780006828000096089000418586000-1438900000-1438900000000-1438900000000-143890000-5557000-1494470006760910005-1.06-1.0600-1.06-1.061. The above financial results have been prepared in accordance with recognition and measurement principles of the Indian Accounting Standards as prescribed under section 133 of the Companies Act, 2013 read with Rule 3 of the Companies Indian Accounting Standards Rules, 2015 and the Companies Indian Accounting Standards Amendment Rules, 2016. Further, these financial results also have been prepared in accordance with the requirement of Regulation 33 of the SEBI Listing Obligations and Disclosure Requirements Regulation, 2015. <BR> 2.The Companys business activity falls within a single primary business segment of retail and there are no separate reportable segments as per Ind AS 108 Operating Segments. Companys operations are only confined in India. <BR> 3.The above results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on May 12, 2025. <BR> 4.The financial results will be available on the website of the Company - www.praxisretail.in and on the websites of BSE www.bseindia.com and NSE www.nseindia.com. 2024-04-012025-03-31AuditedStandalone1189696000391469000158116500004932850002020980002663010001671540002745480005275640001930950000-3497850000-3497850000000-3497850000000-349785000-5557000-3553420006760910005-1290956000-2.69-2.6900-2.69-2.69Other Expenses96089000Other Expenses52756400013701710004390000013090001209000000004415200044152000012660001418546000375217000012120001721400033100001061660000108041700002595350001715169000003133715000676091000-1290956000-614865000-61486500000001090460000109046000011853000000110231300011783150001487510007929720009417230001925890002312627000331250000239000000264626700000374858000031337150001671540002020980001662000011570000000-1179480000-8758100002745480000-5312000000001500003482000-2199000000-362364000074547000-275238000000-3630000-27487500000000000013320000000000000000000000-100000-1332100000120000000487500000000436015000030250400001645800000285803000-23930000-23930001960700017214000Remeasurement of defined benefit plans-5557000-5557000Remeasurement of defined benefit plans-5557000-55570000000-5557000-5557000PRAXIS HOME RETAIL LIMITED******Future Market Networks Limited******Company has control significant influenceInter-corporate deposit50000000Approved04180000041800000PRAXIS HOME RETAIL LIMITED******Future Capital Investment Private******Company has control significant influenceInter-corporate deposit150000000Approved0130000000130000000PRAXIS HOME RETAIL LIMITED******Surplus Finvest Private Limited******Company has control significant influenceInter-corporate deposit150000000Approved394540003850000077954000PRAXIS HOME RETAIL LIMITED******Nubusiness Ventures Pvt. Ltd.******Company has control significant influenceInter-corporate deposit200000000Approved09796100097961000PRAXIS HOME RETAIL LIMITED******FDRT CONSULTANCY SERVICES LIMITED******Company has control significant influenceInter-corporate deposit150000000Approved7500000101000000108500000PRAXIS HOME RETAIL LIMITED******Future Hospitality Private Limited******Company has control significant influenceInter-corporate deposit150000000Approved08300000083000000PRAXIS HOME RETAIL LIMITED******CUTCOST CONSUMER PRIVATE LIMITED******Company has control significant influenceInter-corporate deposit35000000Approved350000002025-01-2135000000300000000335000000PRAXIS HOME RETAIL LIMITED******Suhani Mall Management Company******Company has control significant influenceInter-corporate deposit100000000Approved03800000038000000PRAXIS HOME RETAIL LIMITED******NIYMAN MALL MANAGEMENT CO******Company has control significant influenceInter-corporate deposit200000000Approved98300000098300000PRAXIS HOME RETAIL LIMITED******Future Market Networks Limited******Company has control significant influenceInterest paid6000000Approved249500016760004171000PRAXIS HOME RETAIL LIMITED******Future Capital Investment Private******Company has control significant influenceInterest paid18000000Approved-4693000117320007039000PRAXIS HOME RETAIL LIMITED******Surplus Finvest Private Limited******Company has control significant influenceInterest paid21000000Approved-114400011440000PRAXIS HOME RETAIL LIMITED******Nubusiness Ventures Pvt. Ltd.******Company has control significant influenceInterest paid24000000Approved-324800070300003782000PRAXIS HOME RETAIL LIMITED******FDRT CONSULTANCY SERVICES LIMITED******Company has control significant influenceInterest paid18000000Approved-316000058920002732000PRAXIS HOME RETAIL LIMITED******Future Hospitality Private Limited******Company has control significant influenceInterest paid18000000Approved-323800081110004873000PRAXIS HOME RETAIL LIMITED******CUTCOST CONSUMER PRIVATE LIMITED******Company has control significant influenceInterest paidNot Aoolicable-25000097210009471000PRAXIS HOME RETAIL LIMITED******Suhani Mall Management Company******Company has control significant influenceInterest paidApproved20470005360002583000PRAXIS HOME RETAIL LIMITED******NIYMAN MALL MANAGEMENT CO******Company has control significant influenceInterest paidApproved000PRAXIS HOME RETAIL LIMITED******Smartsters Private Limited******Company has control significant influencePurchase of goods or services50000000Approved1147300093350005281000PRAXIS HOME RETAIL LIMITED******Future Market Networks Limited******Company has control significant influenceAny other transactionOccupancy expenses20000000Approved555600013960006641000PRAXIS HOME RETAIL LIMITED******Ojas Tradelease and Mall Management Pvt Ltd******Company has control significant influenceAny other transactionOccupancy expenses10000000Approved1303000433000313000PRAXIS HOME RETAIL LIMITED******Future Enterprises Limited******Company has control significant influenceAny other transactionAdvance of lease rentalApproved03319700033197000187395000AuditedDisclaimer of opinionSinghi and Co.true2025-08-311581165000019309500000-3497850000-2.6903133715000037485890000-6148650000As stated in note no. 5(a) of the financial results of the Company, it has security deposit receivable towards matured lease agreement from a related party of an amount of Rs. 10,100.00 lakhs. The Company has not identified & recognized loss allowance for expected credit losses (ECL) on such other receivables, which is not in conformity with the requirements of Ind AS 109 Financial Instruments. Further, we are informed by the management that till date the Company has not received any appropriate / adequate response from the lessor towards refunding such amount. Considering these facts and the available financial position statement of such related party where there is an indication about material uncertainty towards its ability to continue as going concern and where an Resolution Professional RP has been appointed by Honble National Company Law Tribunal under the Insolvency and Bankruptcy Code 2016 and other relevant surrounding circumstances we are unable to determine and quantify whether this amount will be fully recoverable and it requires any provision of ECL. <br></br> <br></br> Further, on January 9, 2025 the RP of Future Enterprises Limited FEL has filed an Interlocutory Application IA in Company Petition IB, before the National Company Law Tribunal, Mumbai Bench against, amongst others, the Promoter of the Company and the Company. Under the said IA, the RP has, inter alia, claimed lease rental amounting to Rs.4,577.35 lakhs from the Company for the in store retail infra assets leased by FEL to the Company. <br></br> <br></br> These facts also give rise to material uncertainty as regards possible material adjustments that may be required to made to the values of recorded security deposit, provision for lease rental on in store retail infra assets, unrecorded assets and tax implications, if any, arising on account of settlement of such transactions, which could not be recorded in the financial results on account of these being not readily ascertainable. Pursuant to non receipt of response from the lessor towards refunding the specified amount and non determination of the ECL provision, availability of balance confirmation and non provision for lease rental, its impact on the losses and EPS of the Company for the quarter and year ended March 31, 2025 and on the other equity as on the balance sheet date, is not ascertainable. This matter related to expected credit losses on security deposit was also disclaimed in our report on the financial statement for the year ended March 31, 2024.Disclaimer of opinionRepetitiveNot ApplicableNilThe lease rental agreement entered by the Company with a related party Lessor expired in fiscal 2023. The Company has also security deposits of Rs. 10,100 lakhs recoverable from such related party. The Company holds possession of the in store infra assets taken by it under this agreement. The Company has made various follow ups with the Lessor to recover the amount of security deposits. During the fiscal 2023, the Company had obtained a valuation report of such assets by an independent professional firm basis which the Company believes that the assets, which are in its possession, carried value higher than the security deposit amount and has a usable life to deliver such value and hence, the Company has considered the security deposits as good and fully receivable. Further, the claim made by the RP amounting to Rs.4,577 Lakh against the Company which, according to the legal advise, is based on inconclusive documents and hence, not tenable in the eyes of law, for which necessary dismissal IA has been filed. In view of this, the management does not foresee any liability arising out of the alleged claim by RP.Refer our independent auditors report. The impact needs to be ascertained and necessary correction should be incorporated in the financial results.Balances of trade payables aggregating to Rs. 9,417.23 lakhs are subject to confirmations and reconciliations, if any, are not ascertainable. We are unable to comment on the correctness of these figures and if any adjustments are required to the said balances as on the March 31, 2025 and related disclosures in the Financial Statements. This matter was also disclaimed in our report on the financial statements for the year ended March 31, 2024.Disclaimer of opinionRepetitiveNot ApplicableNilThe Company has already managed to obtain confirmation for more than 60 per cent of trade payables, the Company will further strengthen the reconciliation process.Refer our independent auditors report. The impact needs to be ascertained and necessary correction should be incorporated in the financial results.As stated in note no. 8 of the financial results, for the quarter and year ended the Company has written back certain trade payables and provisions aggregating to Rs. Nil and Rs. 3,770.86 lakhs Including write back of related parties balance and provisions of Rs. Nil and Rs. 2,693.72 lakhs for the quarter and year ended March 31, 2025, respectively, reasons of which are not known to us. Hence, we are unable to comment on the correctness of these values, and if any adjustments are required to the said balances as on the March 31, 2025 and related disclosures in the financial results. The above amount includes amount due to one of the related parties which is under Corporate Insolvency Resolution Process whose Resolution Professional has raised a claim of Rs. 2,321 lakhs along with interest which has been denied by the Company and not recognized in the books, as explained in note no. 7. This matter was also disclaimed in our report on the financial statement for the year ended March 31, 2024. Disclaimer of opinionRepetitiveNot ApplicableNilThe liability were written back on account of receivables and other claims against a few related parties and also on account of balance confirmation received from other parties including the related parties.Refer our independent auditors report. The impact needs to be ascertained and necessary correction should be incorporated in the financial results.As stated in note no. 6, the performance of the Company was affected due to shortage of inventory, liquidity and most of the stores of the Company were running into losses, which may trigger the requirement for evaluating impairment on Right of Use ROU Assets of the financial results having value of Rs. 12,581.29 lakhs as on March 31, 2025. Inspite of these indicators no assessment of impairment has been carried out. Hence, we are unable to comment upon the impact arising on the loss and EPS for the year ended March 31, 2025 and on the carrying value of ROU and other equity as on March 31, 2025. This matter was also disclaimed in our report on the financial statements for the year ended March 31, 2024.Disclaimer of opinionRepetitiveNot ApplicableNilIn the current period, the Company has raised funds through issue of warrants and equity shares to improve its liquidity position. Further, the Company has also received necessary approvals for its proposed Rights Issue consummation of which is expected to further improve its liquidity position. The management has been taking various initiatives to increase sales, reduce costs and improve operational efficiency. These initiatives are expected to yield desired results and the management believes that there is no need to create impairment provision on ROU Assets.Refer our independent auditors report. The impact needs to be ascertained and necessary correction should be incorporated in the financial results.During the year ended March 31, 2025, the Company has closed certain stores and inventory at few of these closed stores amounting to Rs 111.32 lakhs is under the control of the respective lessors, and the Company was unable to physically verify such inventory and make appropriate provision for the same. Due to this limitation, we were unable to obtain sufficient and appropriate audit evidence to determine and quantify whether the value of Inventory will be fully recoverable and it requires any provision and hence, we are unable to comment upon the impact arising on the loss and EPS for the year ended March 31, 2025 and on the carrying value of Inventory and other equity as on March 31, 2025. Disclaimer of opinionWhether appeared first timeNot ApplicableNilThe Company has closed a few stores. However, due to some commercial disputes with the store owners, these inventories are forcefully and illegally withheld by such store owners. The Company has already taken necessary legal steps as well as also resorting to conciliations, but access to these inventories is still not available at such stores. Although adequate provisions have been made towards shrinkages, the management is hopeful of recovering and regaining control over these inventories based on its legal applications and mutual negotiations.Refer our independent auditors report. The impact needs to be ascertained and necessary correction should be incorporated in the financial results.We draw attention to note no. 3 in the financial results which states that during the year ended March 31, 2025 the Company has incurred a cash loss of Rs. 4,542.46 lakhs and its net worth is negative as on March 31, 2025. Further, the Companys current liabilities exceeded its current assets by Rs 9,310.98 lakhs. The Company has also received notice for application under the Insolvency and Bankruptcy Code 2016 from one of the operational creditors. The above situation indicates that a material uncertainty exists that may cast significant doubt on the Companys ability to continue as a going concern. In view of above, we are unable to obtain sufficient appropriate audit evidence as to whether the Company will be able to service its debts, realize its assets and discharge its liabilities as and when they become due over the period of next twelve months. Accordingly, we are unable to comment on whether the Company will be able to continue as Going Concern. This matter was also disclaimed in our report on the financial statements for the year ended March 31, 2024.Disclaimer of opinionRepetitiveNot ApplicableNilDuring the year, the Company has raised funds through issue of warrants and equity shares to improve its liquidity position. The warrants issued in the year 2024 on preferential basis are expected to be exercised in current financial year as per their issue terms and would bring further funds into the Company. The Company has also obtained necessary approvals for its proposed Rights Issue which, when consummated, would improve the liquidity position. The Company has also significantly reduced the operational costs by closing down stores having higher loss impact on its accounts and is committed to improve operational efficiency and has taken various initiatives to increase sales. These initiatives are fairly expected to yield desired results and the management is confident that the net worth will significantly improve in current fiscal and cash flows would be able to meet its obligations. Further, the application filed by an operational creditor is fictitious, lacks merit and hence, chance of its succeeding is the most unlikely in view of the legal pleadings submitted in the matter. Considering all above, the financial results have been prepared on a going concern basis.Refer our independent auditors report. The impact needs to be ascertained and necessary correction should be incorporated in the financial results.Ashish BhutdaNot ApplicableJacob MathewRavi KapoorMumbai2025-05-12