Announcement of Financial Results for the Quarter ended 30 June 2024 along Limited Review Report with during CIRP. No Board Meeting conducted. Announcement made by RP along with CFO.
Awaiting price reaction for this filing.
Technofab Engineering has finally filed its Q1 FY25 results (quarter ended June 2024), about 16 months late, because the company has been under Corporate Insolvency Resolution Process (CIRP) since November 2022. The Board of Directors is suspended and the Resolution Professional (Mr. Atul Mittal) along with the CFO signed off the results instead. Revenue from operations collapsed to Rs. 617.53 lakhs from Rs. 1,517.43 lakhs in the same quarter last year — a drop of nearly 60%. The company reported a loss before tax of Rs. 377.90 lakhs (worse than Rs. 311.54 lakhs loss in Q1 FY24), with a loss per share of Rs. 3.60. Net worth is negative, loans have been classified as non-performing assets by banks (IDBI, SBI), and bank guarantees have been invoked.
This filing confirms severe financial distress — negative net worth, NPAs, invoked guarantees, and a going-concern doubt from the auditor. Shareholders face high risk of significant dilution or write-down under the insolvency process; the stock is likely to remain volatile and illiquid until CIRP resolution.