Dear Sir Re-Submission of financial Results for 31/03/2025 with statement on impact of audit qualification for year ended March 2025.
Awaiting price reaction for this filing.
Melstar Information Technologies has resubmitted its audited financial results for the quarter and year ended March 31, 2025, this time including the previously missed consolidated Statement on Impact of Audit Qualification. The standalone results show a net loss of Rs. 92.58 lakhs for FY25, reversing a profit of Rs. 1,127.93 lakhs in FY24, while the consolidated loss widened to Rs. 121.18 lakhs. Total revenue remained largely flat at Rs. 1,214.23 lakhs on a standalone basis, but consolidated revenue dropped sharply from Rs. 1,214.23 lakhs to Rs. 121.18 lakhs, with the company noting it is 'not carrying on any business during the current period' and is awaiting licenses and clearances to start operations. The auditor (CKSP & Co LLP) issued a Qualified Opinion, flagging the company's history under the IBC insolvency resolution process (admitted by NCLT in October 2019), change in management, and dependence on new business plans for going concern. The Board also appointed Mr. Raveendra Sangapu as Acting CFO and Mr. Samarendra Kumar Mohanty as CTO, while Mr. Vineet Goverdhan Shah stepped down as Acting CFO (he continues as Managing Director).
Shareholders should view this as a negative signal — the company has swung from profit to loss, is not currently operating, and carries a qualified audit opinion with material going concern uncertainty. Stock price may face pressure as the business remains in a restart phase pending regulatory clearances.