Annual Report for the financial year ended 31st March 2024
Awaiting price reaction for this filing.
India Infraspace Limited reported no revenue from operations for FY24, with total income of just Rs. 2.75 lakhs (down from Rs. 3.65 lakhs in FY23), all from 'other income'. The company posted a loss after tax of Rs. 1.93 lakhs, slightly better than the Rs. 2.11 lakh loss in FY23, with EPS at -0.07. The company has no employees on its payroll, no dividend declared, and remains a small entity with paid-up capital of Rs. 2.8 crores. The auditor flagged an 'Emphasis of Matter' on two issues: non-charging of interest on loans/advances (including Rs. 392.85 lakhs in loans), and Rs. 33.19 lakhs in pre-operative expenses being carried forward that should potentially be written off. The auditor also noted the company has not implemented the mandatory audit trail feature required from April 2023.
Shareholders should note this is a virtually non-operating shell-like company with negligible income, recurring losses, and an auditor emphasis on questionable asset treatment and regulatory non-compliance. The stock is likely illiquid and carries significant risk; the emphasis of matter on Rs. 33.19 lakhs in pre-operative expenses that may need to be written off is a negative signal for future earnings.