This is to inform that a minor typographical error was identified in the Statement on Impact of Audit Qualification (Annexure -A) submitted along with the outcome of the Board meeting held ....
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Apt Packaging Ltd reported FY25 total income of Rs 1,359.79 lakhs versus Rs 1,281.13 lakhs in FY24, swinging to a net profit of Rs 30.58 lakhs from a net loss of Rs 252.40 lakhs the previous year. The statutory auditor (Gautam N Associates) issued a Qualified Opinion citing four issues: unpaid MSME interest of Rs 0.57 lakhs, an unprovided GST demand of Rs 20.70 lakhs for FY19-20, unreconciled trade balances, and non-provisioning of doubtful debts of Rs 11.45 lakhs. The auditor also flagged an Emphasis of Matter noting that the company's accumulated losses had eroded its net worth to negative Rs 465.79 lakhs as on 31 March 2025. To address this, the company made a preferential allotment of equity shares on 8 May 2025 for Rs 1,965 lakhs, restoring positive net worth. Total assets stood at Rs 2,159.14 lakhs with borrowings of Rs 2,340 lakhs.
The turnaround from loss to profit is positive, but the qualified audit opinion, negative net worth prior to the equity infusion, and unresolved tax/recovery issues are red flags. Shareholders should note the Rs 1,965 lakh equity dilution that just happened, which improves solvency but also expands the share base, while outstanding qualifications and contingent tax liabilities of ~Rs 58.57 lakhs remain unresolved.