Revision in outcome due to a minor topographical error was identified in the statement on impact of Audit Qualification (Annexure B) submitted along with the outcome of the board meeting ....
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Apt Packaging Ltd filed a revised outcome of its May 28, 2025 board meeting to correct a typographical error in the Audit Qualification impact statement for FY25 audited results. Auditors (Gautam N Associates) issued a qualified opinion with qualifications including unpaid MSME interest of Rs 0.57 lakhs, unprovided GST demand of Rs 20.70 lakhs under appeal, unconfirmed trade balances, and Rs 11.45 lakhs in doubtful debts not provisioned. An emphasis of matter was flagged because the company's accumulated losses had wiped out its net worth, though management continued on a going concern basis after a Rs 1,965 lakhs preferential allotment on May 8, 2025 restored positive net worth. The board also appointed new secretarial and internal auditors for FY26 onwards.
Investors should note the qualified audit opinion, a deeply negative net worth of Rs -465.79 lakhs at year-end, and a sharp ~68% revenue decline (Rs 4,281.13 lakhs in FY24 to Rs 1,359.79 lakhs in FY25), even though the company swung to a small net profit of Rs 30.58 lakhs (EPS Rs 0.68) from a Rs 252.40 lakh loss. Shareholders should watch for resolution of qualifications, outcome of the GST appeal, and effective use of the recent equity infusion.