Revised board meeting outcome for the meeting held on 28/05/2025
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Awaiting price reaction for this filing.
The board approved audited standalone and consolidated financial results for FY25 (ended March 31, 2025), along with unaudited Q2 FY25 results. FY25 standalone revenue fell to Rs 1,106.88 lakhs from Rs 1,554.91 lakhs a year earlier, while the company posted a net loss of Rs 2,748.22 lakhs (standalone) and Rs 2,815.50 lakhs (consolidated), versus Rs 312.73 lakhs loss in FY24. Reserves turned deeply negative (-Rs 2,607.54 lakhs standalone), net worth is wiped out, and cash losses of Rs 1,665.68 lakhs were reported. The auditor (Agrawal Jain & Gupta) issued a Disclaimer of Opinion on both sets of accounts, flagging unverifiable inventory of Rs 1,849.75 lakhs, questionable recoverability of non-current assets and long-term loans, NPA-classified short-term borrowings of Rs 5,167.61 lakhs under One-Time Settlement (OTS) discussions, missing depreciation on intangibles of Rs 481.18 lakhs, and going-concern uncertainty. The board also accepted the resignation of Company Secretary Akash Ashokkumar Bhandari, appointed Dileep Kumar as the new CFO, and approved a change in IPO objects via postal ballot. Outstanding income tax (Rs 5,150.47 lakhs) and GST (Rs 911.07 lakhs) demands remain disputed but unprovided for.
This is a deeply negative filing for shareholders — a disclaimer of opinion, negative net worth, NPAs on bank loans, unresolved large tax demands, and a KMP exit signal serious financial distress and likely share price pressure. The change in IPO objects and CFO change add to governance uncertainty, with the company's ability to continue as a going concern explicitly questioned by the auditor.