Arshiya Limited has Submitted to the Exchange, the Unaudited Financial Results (Standalone) along with the Limited Review Report thereon for the Quarter and nine months ended on December 31, 2024.
ARSHIYA · price
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Arshiya Limited, currently under Corporate Insolvency Resolution Process (CIRP) since April 2024, has submitted its standalone financial results for the quarter and nine months ended December 31, 2024. The company reported revenue from operations of Rs. 450 lakhs for Q3 and Rs. 1,020.89 lakhs for 9M, with a massive net loss after tax of Rs. 9,672.79 lakhs in Q3 and Rs. 14,121.93 lakhs for 9M. The statutory auditors, M/s ARTHA & Associates, have issued a Disclaimer of Opinion citing multiple material uncertainties including non-recognition of corporate guarantee liabilities worth Rs. 1,03,850 lakhs, non-assessment of impairment for PPE (Rs. 57,272.33 lakhs) and investments in subsidiaries under CIRP (Rs. 57,538.95 lakhs), inability to confirm trade receivables/payables, and going concern issues. Consolidated financial results could not be prepared as subsidiary companies are also under CIRP. Additionally, 50 out of 71 employees resigned unexpectedly in August 2024, severely disrupting operations.
This is an extremely distressed filing. Shareholders should note the company is in insolvency proceedings with massive accumulated losses, disclaimer of opinion from auditors, and material uncertainties that could significantly impact asset values. The stock remains highly speculative given the CIRP outcome is uncertain.