Announcement of Financial Results for the Quarter and half year ended 30 September 2024 along with Limited Review Report during CIRP. No Board Meeting conducted. Announcement being made ....
Awaiting price reaction for this filing.
Technofab Engineering has filed its delayed financial results for the quarter and half year ended September 30, 2024, under the signature of the Resolution Professional and CFO, as the company's Board of Directors remains suspended due to the ongoing Corporate Insolvency Resolution Process (CIRP) initiated by NCLT in November 2022. Revenue from operations dropped sharply to Rs 464.12 lacs in Q2 FY25 (from Rs 617.53 lacs in Q2 FY24) and to Rs 1,081.65 lacs for H1 FY25 (from Rs 3,552.94 lacs in H1 FY24), with the company posting a loss of Rs 216.47 lacs for the quarter and Rs 594.37 lacs for the half year. The auditor issued a qualified conclusion, flagging serious going-concern doubts, negative net worth of Rs (24,497.71) lacs, no impairment provision on disputed trade receivables of Rs 9,796.54 lacs, and absence of various other provisions. The auditor also added an Emphasis of Matter note on Rs 1,068.47 lacs of unquoted equity investments in subsidiaries.
This filing confirms the company remains in deep financial distress under insolvency resolution, with shrinking revenues, mounting losses, negative equity, and multiple unresolved audit qualifications, signalling high risk for shareholders and continued uncertainty around the stock's value.