Audited Financial Results March 31, 2025
Awaiting price reaction for this filing.
The company, which was under Corporate Insolvency Resolution Process (CIRP), has emerged post-resolution with Mercury Terra Firma as the successful resolution applicant (SRA), approved by NCLT Ahmedabad on November 27, 2024. For FY25, the company reported a total income of Rs 13.55 lakhs (vs Rs 4.51 lakhs in FY24) but incurred a massive loss after tax of Rs 7,237.38 lakhs, mainly due to exceptional items of Rs 6,008.32 lakhs related to extinguishment of liabilities under the IBC resolution plan. Total assets shrank sharply to Rs 569.38 lakhs from Rs 11,537.15 lakhs, while total liabilities collapsed from Rs 9,976 lakhs to just Rs 17 lakhs as most dues stood extinguished. The board approved capital reduction where existing promoter shares were cancelled, public shareholders were reduced to 6 shares per 100 held, and the SRA was allotted ~94.8% of the new equity (~1.2 crore shares), making it the new promoter. Net worth remained negative at Rs (3,605.34) lakhs pre-infusion, but turned positive after equity infusion.
For existing shareholders, this is effectively a near-total wipeout — promoters have been removed, public shareholding is reduced to just ~5.20% of the restructured equity, and existing shareholders will hold only 6 shares for every 100 they previously owned. The stock is likely to see a dramatic change in character as Mercury Terra Firma takes control and may relist with new business operations; existing investors should expect significant dilution and a fundamentally different company going forward.