Dear Sir, Please find enclosed herewith the Un-audited financial results for the quarter ended 30th June, 2025 along with Limited Review Report for your reference and records.
Awaiting price reaction for this filing.
Harig Crankshafts, which came out of insolvency after NCLT approved the resolution plan of M/s Palika Towns LLP in April 2024, filed its Q1 FY26 standalone results. The company explicitly stated it had no business operations during the quarter. Total income stood at just Rs. 11.39 lakhs (other income only), while the company reported a net loss of roughly Rs. 2.22 crores for the period. The statutory auditor, M. B. Gupta & Co., issued a qualified conclusion because the company has not filed income tax returns from Assessment Year 2012-13 through 2023-24, leaving the auditor unable to verify tax compliance. Management confirmed financial results are prepared on a going-concern basis, relying on the implementation of the approved resolution plan, and has not recognised any deferred tax asset due to uncertainty over future taxable profits.
With no operations yet restarted under the new promoter, the stock remains in a turnaround phase with limited near-term earnings visibility. The qualified auditor opinion due to multi-year non-filing of income tax returns is a governance red flag that investors should track closely. Shareholders should look for signs of operational revival under Palika Towns LLP before treating this as a recovery story.