Delayed Q2 FY23 Results: Going Concern Doubt, Qualified Audit
Awaiting price reaction for this filing.
Futura Polyesters filed delayed Q2 and H1 FY23 results (quarter and half year ended Sep 30, 2022) years late, citing severe staff shortages. Manufacturing has been discontinued since Dec 2012; only discontinued operations remain. H1 FY23 loss was Rs 275.58 lakhs. Net worth is deeply negative at about Rs (41,478) lakhs. Auditor issued a qualified conclusion flagging going concern uncertainty, NPA-classified borrowings, and possible understatement of finance costs. Company says it paid Rs 243.45 crore one-time settlement to lenders in June 2025.
Serious distress signals: deeply negative net worth, going concern doubt, NPA borrowings, years of delayed filings and trading suspension make this very high risk for shareholders.