Annual Report for the F.Y. 2023-24
Awaiting price reaction for this filing.
Modern Denim Limited has filed its Annual Report for FY 2023-24 along with the notice of its 46th AGM to be held on 30th September 2024. Revenue from operations fell sharply to ₹25.03 crores from ₹39.84 crores in the previous year, a decline of about 37%. The company reported a net loss of ₹5.36 crores, much wider than the ₹0.55 crore loss in FY23. Accumulated losses have ballooned to ₹178.98 crores, and the board has skipped any dividend. Exports grew modestly to ₹3.86 crores from ₹2.66 crores. The company is also seeking shareholder approval to raise its borrowing limit to ₹80 crores and for the re-appointment of Shri Sachin Ranka as Chairman & Managing Director without remuneration. The NCLT-approved merger of Modern Insulators Limited into the company remains pending, with the next hearing on 25th September 2024.
Shareholders should note the steep revenue decline, widening losses, and massive accumulated losses, which signal ongoing operational stress. The move to raise the borrowing ceiling to ₹80 crores and the pending NCLT merger suggest the company needs fresh capital or a structural solution. Existing investors face continued uncertainty with no dividend and no near-term visibility on a turnaround.