Outcome of the Board Meeting held today i.e. Tuesday, 12th August, 2025
Price
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Awaiting price reaction for this filing.
The Board approved the unaudited financial results for the quarter ended June 30, 2025. Revenue from operations fell sharply to Rs. 1,604.36 lakhs from Rs. 2,217.01 lakhs in the same quarter last year, a drop of about 28%. The company reported a wider net loss of Rs. 2,070.52 lakhs versus Rs. 1,738.74 lakhs in Q1 FY25, while finance costs remained very high at Rs. 1,754.40 lakhs. The statutory auditor, Chatterjee & Chatterjee, issued a qualified conclusion citing unreconciled trade payables, receivables and bank balances. The auditor also flagged a material uncertainty on going concern: the company's net worth is fully eroded (negative Rs. 28,429.67 lakhs), current liabilities far exceed current assets, and loans of Rs. 53,280.20 lakhs have been classified as non-performing assets by lenders. Additionally, the Enforcement Directorate has provisionally attached certain immovable properties and promoter shares under the PMLA, though management says business operations are not impacted.
This is a deeply negative filing for shareholders — widening losses, collapsing revenue, fully eroded net worth, NPA-status loans, and an explicit going-concern warning from auditors point to serious financial distress. The stock is likely to face heavy selling pressure and remains a high-risk bet until the company secures a successful one-time settlement with lenders and resolves the ED attachment matter.