Audited Result for the quarter and year ended 31.03.2025
Awaiting price reaction for this filing.
CMI Limited, a cable manufacturer currently under Corporate Insolvency Resolution Process (CIRP) since July 2023 (initiated by Canara Bank), reported FY25 revenue from operations of Rs. 5,746.22 lakhs, nearly doubling from Rs. 2,908.04 lakhs in FY24. Despite the revenue jump, the company posted a net loss of Rs. 1,103.16 lakhs (FY24 loss: Rs. 1,005.57 lakhs) as total expenses of Rs. 6,910.86 lakhs outpaced income. Accumulated losses stand at Rs. 16,247.28 lakhs against paid-up capital of Rs. 1,602.74 lakhs, resulting in fully eroded net worth of negative Rs. 14,644.21 lakhs. The statutory auditor issued a qualified opinion citing material uncertainty over going concern and inability to verify multiple balances due to CIRP constraints. An application for liquidation is reportedly pending before NCLT, with no resolution plan approved by the Committee of Creditors.
Shareholders face extreme distress risk: the equity is effectively worthless with fully eroded net worth, ongoing losses, and a pending liquidation application. The stock remains under CIRP with no approved revival plan, signalling high probability of significant dilution or total loss for existing equity holders.