SumanSpeaks Capital Markets & Geopolitical Intelligence · Estd 2006 Reading Beyond the Headline Number SEPC's ₹13 Crore Profit Turned Into an ₹11 Crore Loss. No Cash Went Anywhere. Same company, same quarter, same numbers — a healthy pre-tax profit and a headline net loss, sitting right next to each other. If that looks like a contradiction, it's because you're reading the PAT line and skipping the one line above it that actually explains it. Open Q1FY27 results of SEPC Ltd (₹6.03) and you'll see two numbers sitting a few lines apart that seem to argue with each other. Profit Before Tax: a healthy ₹13.17 crore. Profit After Tax: a loss of ₹11.05 crore. Same quarter. Same company. Same set of operations. This isn't a business that quietly fell apart between two lines of a P&L. It's an accounting entry — a Deferred Tax Asset (DTA) write-off — and if you...
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