Harrisons Malayalam Limited has informed the Exchange about Final forensic audit report
HARRMALAYA · price
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Harrisons Malayalam Limited's Board approved the final forensic audit report conducted by M/s Suri & Co. on estate-level payment transactions. The investigation found that junior employees diverted payments meant for workers/vendors to their own accounts or those of accomplices. However, the report concludes no material instances of fraud were identified within the defined scope. Management has initiated disciplinary actions and is strengthening internal controls, including enhanced payment verification and bank master data controls. Separately, the company reported FY2026 standalone net profit of Rs 2,915.02 lakhs, up 95.6% from Rs 1,490.06 lakhs in FY2025, with revenue from operations of Rs 53,908.42 lakhs. Statutory auditors Walker Chandiok & Co. LLP issued an unmodified (clean) audit opinion on the financial statements.
The fraud finding, though classified as non-material, highlights weak internal controls in estate operations that have been exploited by junior employees. The management's swift action on disciplinary measures and control improvements is positive. The company's strong financial performance (net profit up nearly 96% YoY) and clean audit opinion provide stability, but investors should monitor whether the misappropriation involves larger amounts than disclosed.