Statement on Impact of Audit Qualifications of Standalone financials for the financial year ending March 31, 2024

Brightcom Group has filed a statement on the impact of audit qualifications for its standalone financial statements for FY24. The company reported total income of Rs 47,015.46 lakhs, total expenditure of Rs 46,915.28 lakhs, and a thin net profit of Rs 114.71 lakhs (EPS of Rs 0.01), with no change between reported and adjusted figures. The statutory auditor issued a qualified opinion, with continuing qualifications from the previous year. Key concerns include heavy reliance on unaudited USA branch financials confirmed only by a CPA, a SEBI interim order cum show cause notice dated April 13, 2023 still under litigation, negative net worth in subsidiary Ybrant Media Acquisition Inc, and opening/closing balances of investments, receivables, and payables with subsidiaries that remain subject to peer-review auditor verification. The company has also not made any provision for impairment on a cancelled acquisition deal. Management has agreed with the qualifications and indicated that most matters are sub-judice, with appeals pending at the Securities Appellate Tribunal.