Arshiya Limited has Submitted to the Exchange, the Unaudited Financial Results (Standalone) along with the Limited Review Report thereon for the Quarter ended June 30, 2024.
ARSHIYA · price
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Arshiya Limited, under Corporate Insolvency Resolution Process (CIRP) since April 2024 following a petition by Punjab National Bank, has filed its Q1 FY2025 standalone results. Revenue from operations was Rs. 210 Lakhs with total income of Rs. 626.39 Lakhs. The company posted a massive net loss of Rs. 9,976 Lakhs (EPS: -Rs. 37.86), driven primarily by an exceptional item of Rs. 9,662 Lakhs representing differential loan liability claimed by consortium lenders under CIRP. Finance costs stood at Rs. 1,812.49 Lakhs. The statutory auditor ARTHA & Associates issued a Disclaimer of Conclusion citing six critical issues: non-recognition of financial guarantee liabilities of Rs. 10,385 Lakhs, non-assessment of impairment for PPE (Rs. 5,758 Lakhs) and inventory (Rs. 1,651 Lakhs), inability to verify trade receivables/payables, unresolved ESOP accounting, and recoverability concerns on ANFTWZ investment and loans of Rs. 5,754 Lakhs. The company also experienced mass resignation of 50 employees in August 2024 and termination of sub-lease agreements for seven warehouses post quarter-end.
This is a severely distressed filing. The auditor's disclaimer, massive losses, negative equity (Rs. 34,584 Lakhs), and ongoing CIRP indicate the company is in deep financial distress. Shareholders face extreme risk as the outcome depends entirely on the resolution plan under CIRP.