Revised Financial result as per the Queries raised by Listing Center
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Awaiting price reaction for this filing.
Cressanda Railway Solutions submitted its revised audited results for FY25 after addressing queries from BSE's Listing Center. The auditor (H. Rajen & Co.) issued a Qualified Opinion on both standalone and consolidated results, flagging 8 concerns. Standalone revenue collapsed sharply to Rs 2,493.78 lakhs from Rs 9,854.93 lakhs in FY24 (nearly 75% drop), while net profit fell to Rs 43.17 lakhs from Rs 944.58 lakhs. Major auditor concerns include lack of supporting documents for loans and advances totaling Rs 8,023.76 lakhs, a WIP reversal of Rs 1,697.08 lakhs due to client non-performance, pending TDS/TCS dues of Rs 25.76 lakhs, ongoing SEBI investigation, non-compliance with the rights issue object (Rs 4,106.10 lakhs deployed as unsecured loans instead of working capital), and absence of an edit log in accounting software. Operating cash flow remained negative at Rs 760.81 lakhs.
This is a high-risk filing for shareholders — a qualified audit opinion, a 75% revenue collapse, ongoing SEBI investigation, and weak internal controls point to serious governance and business health concerns. Investors should expect continued volatility and exercise caution until the qualifications are resolved and SEBI investigation concludes.