Audited Financial Result for the year ending March 2023
Awaiting price reaction for this filing.
RCI Industries & Technologies Ltd, currently under Corporate Insolvency Resolution Process (CIRP) since November 25, 2022, has submitted its long-delayed audited financial results for the quarter and year ended March 31, 2023, signed by the Resolution Professional on September 3, 2025. The company reported a net loss of Rs. 632.4 lakhs and its net worth is fully eroded at negative Rs. 13,927.46 lakhs against total liabilities of Rs. 24,814.15 lakhs. Statutory auditors R. Bansal & Co. issued a modified opinion on the financials. Operations were heavily disrupted during CIRP — electricity was disconnected, plant at Baddi was shut, and the previous management, CFO and auditors were uncooperative in handing over books. A resolution plan by JTL Industries Ltd was approved by the Committee of Creditors in June 2024 and is pending NCLT approval.
Very negative for shareholders — fully eroded net worth, significant net loss, modified audit opinion, and ongoing investigations by SFIO, ED and DGGST alleging fake ITC of Rs. 214 crore, plus PUFE transactions of Rs. 369.71 crore identified for reversal. Any recovery hinges on NCLT approving the JTL Industries resolution plan; until then, equity value remains highly uncertain and the stock is effectively a distressed/CIRP play.