Arshiya Limited has submitted to the Exchange, the financial results for the period ended December 31, 2024.
ARSHIYA · price
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Arshiya Limited has filed unaudited standalone financial results for Q3 and nine months ended December 31, 2024. The company is under Corporate Insolvency Resolution Process (CIRP) admitted by NCLT on April 23, 2024. For Q3, total income was Rs. 864.29 lakhs with a net loss of Rs. 9,672.79 lakhs. For nine months, revenue was Rs. 1,020.89 lakhs with a loss before tax of Rs. 14,121.93 lakhs. The statutory auditors issued a disclaimer of opinion citing multiple material uncertainties: non-compliance with Ind AS 109 for corporate guarantees of Rs. 1,03,850 lakhs, failure to conduct impairment tests on PPE (Rs. 57,272.33 lakhs) and investments, inability to confirm trade receivables/payables, and recoverability concerns for investments in subsidiaries under CIRP. The company also experienced mass resignation of 50 employees in August 2024, severely disrupting operations. Consolidated financial results could not be prepared as subsidiary companies are also under CIRP.
This is a highly distressed filing with significant auditor concerns. The disclaimer of opinion, ongoing CIRP, large losses, and inability to assess asset values indicate extreme financial stress. Shareholders face substantial risk with the company's future dependent on CIRP outcome.