Essar Shipping Limited has informed the Exchange regarding Change in Auditors of the company.
ESSARSHPNG · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Essar Shipping Limited's Board approved audited financial results for Q4 and FY ended March 2026. On standalone basis, total income was Rs. 70 crore (down from Rs. 313.29 crore YoY) but profit after tax surged to Rs. 552.73 crore due to exceptional income of Rs. 606.28 crore from reversal of impairment provisions on subsidiary loans and foreign exchange gains. Consolidated loss was Rs. 112.06 crore. The company also appointed M/s. Shyam Malpani & Co as Internal Auditors for FY 2026-27, while statutory auditors remain Manohar Chowdhry & Associates. Key concerns include accumulated losses of Rs. 5,967.92 crore eroding standalone net worth, though net worth improved by Rs. 553 crore during the year. SFIO investigation remains ongoing.
The exceptional gains boosted standalone profitability but underlying operations remain weak. Shareholders should note the ongoing SFIO investigation and substantial accumulated losses despite recent net worth improvement. The appointment is for internal auditors only, not statutory auditors.