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Awaiting price reaction for this filing.
Neueon Towers Limited (formerly under IBC/CIRP since 2018) announced its audited FY25 results after the NCLT approved its Resolution Plan on October 23, 2024, with a new board reconstituted on November 6, 2024. Standalone revenue from operations jumped sharply to Rs 539.53 lakhs (FY24: Rs 8.72 lakhs), but the company posted a net loss of Rs 9,073.68 lakhs (FY24: Rs 9,369.77 lakhs), with EPS at negative Rs 16.05. Net worth turned positive at Rs 91,335.16 lakhs (FY24: negative Rs 1,47,584.71 lakhs) due to capital reserve of Rs 2,43,031.37 lakhs from the resolution plan, and borrowings collapsed from Rs 1,31,023.76 lakhs to Rs 5,309.25 lakhs. The statutory auditor issued a Qualified Opinion, flagging non-conduct of impairment testing on PPE and investments (Rs 13,993.47 lakhs unquoted equity), and added an Emphasis of Matter on going concern being dependent on timely execution of the Resolution Plan. The company also appointed PVRM & Associates as Internal Auditor for FY26.
Existing shareholders see a company emerging from insolvency with a clean balance sheet and positive net worth, but operations remain minimal and losses persist, with the auditor flagging going-concern risk tied to resolution plan execution. Stock price may remain volatile and thinly traded given qualified audit opinion and continued losses, though long-term revival depends on the new management's ability to restart steel manufacturing operations.