Board of Directors approved the unaudited financial results for the quarter and nine months ended 31.12.2024.
Awaiting price reaction for this filing.
Longview Tea Company's board approved unaudited results for the quarter and nine months ended December 31, 2024. Total income for 9M FY25 rose to Rs 225.62 lakhs (from Rs 139.10 lakhs last year), but the growth came almost entirely from 'other income' rather than core operations, and net profit fell about 24.5% to Rs 99.00 lakhs. Q3 net profit dropped sharply to Rs 15.17 lakhs versus Rs 51.35 lakhs in the year-ago quarter, with the trading segment posting losses of Rs 11.83 lakhs over the nine months. Most importantly, the statutory auditor V. Singhi & Associates issued a 'Disclaimer of Conclusion' because the previous management did not hand over books, records, or statutory documents, making it impossible to verify the financial statements. The auditor also flagged ongoing NCLT proceedings under Sections 241/242, a show-cause notice under Section 206 from the Registrar of Companies, and related-party loans exceeding 50% of total assets for which supporting documents are unavailable.
Severely negative for shareholders. A disclaimer of audit opinion, unresolved NCLT and ROC proceedings, and unverifiable related-party loans worth more than half the company's assets point to deep governance and going-concern risks; the stock is likely to see sharp negative reaction and possible trading restrictions.