Arshiya Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2024.
ARSHIYA · price
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Arshiya Limited, which is under Corporate Insolvency Resolution Process (CIRP) since April 23, 2024, has reported Q1 FY25 standalone results. Revenue from operations dropped to Rs. 210 lakhs from Rs. 344.16 lakhs in the previous quarter. The company posted a massive net loss of Rs. 99,759.94 lakhs (Rs. 997.6 crore), including an exceptional item of Rs. 96,623.66 lakh representing differential loan liability accounted upon commencement of CIRP. Finance costs remain extremely high at Rs. 1,812.49 lakh. The statutory auditors (ARTHA & Associates) issued a Disclaimer of Conclusion citing multiple material uncertainties including non-valuation of corporate guarantees (Rs. 1,03,850 lakh), unassessed impairment of PPE (Rs. 57,577.91 lakh) and inventory (Rs. 16,505.97 lakh), inability to verify receivables/payables, and uncertainty over investment recoverability of Rs. 57,538.95 lakh in subsidiary ANFTWZ. Critical operational disruptions occurred with 50 of 71 employees resigning in July-August 2024, and sub-lease agreements were terminated in July 2024. Consolidated results could not be prepared as subsidiary companies are also under CIRP.
This is extremely negative for shareholders. The company is in deep financial distress with near-zero revenue, massive losses, and auditors unable to provide assurance on the financial statements. The ongoing CIRP, termination of key business agreements, and mass employee resignations severely threaten the company's ability to continue as a going concern.