Limited review report for the quarter ending December 31, 2023
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Brightcom Group has uploaded the limited review report from auditor DS P Reddy & Co for the quarter and nine months ended December 31, 2023 — filed more than 16 months after the period closed. The auditor flagged that books of foreign branches were not made available for verification and that subsidiary financials were based solely on management-provided data without independent review. Subsidiary-level figures include total assets of Rs. 6,68,161 lakhs, quarterly revenue of Rs. 45,263 lakhs, nine-month revenue of Rs. 3,95,612 lakhs, and a quarterly net loss of Rs. 2,421 lakhs. The auditor also could not verify public/promoter shareholding details due to non-cooperation from the registrar, and noted ongoing SEBI show-cause notices, interim orders, and a pending Rs. 16,886.81 lakh investment impairment case tied to Vuchi Media. FY23 audited accounts remain unapproved by shareholders, and the auditor declined to give a comprehensive, conclusive opinion.
The combination of unresolved SEBI regulatory action, pending litigation, unverifiable subsidiary records, and a qualified auditor opinion points to serious governance and compliance concerns — a negative signal for both shareholder confidence and the stock.