Audited standalone financial results for the quarter and year ended March 31, 2019

Ashapura Intimates Fashion Ltd has filed audited standalone results for Q4 and FY19, which reflect the severe financial damage after its Corporate Insolvency Resolution Process (CIRP) began in November 2018. Full-year FY19 revenue collapsed to Rs. 12,515 lakhs from Rs. 34,357 lakhs in FY18, a roughly 64% drop, while the company swung to a massive net loss of Rs. 49,118 lakhs versus a Rs. 6,219 lakh profit a year earlier. An exceptional item of Rs. 38,459 lakhs was booked for write-offs of investments, receivables and advances after CIRP began. Net worth swung from a positive Rs. 22,257 lakhs to a deeply negative Rs. (27,157) lakhs, meaning the company is technically insolvent on the balance sheet. The auditor issued a Disclaimer of Opinion, citing missing records, suspected fraudulent trade receivables, non-deposit of statutory dues (PF, ESIC, GST, TDS, Income Tax), and contraventions of multiple sections of the Companies Act. The auditor also added an Emphasis of Matter flagging significant doubt on the company's ability to continue as a going concern — the company was ordered into liquidation in October 2020 and later sold to Grow House Agro Ltd via e-auction in December 2024, with a new board taking over in March 2025.