Financial Results fo the Quarter and Half Year ended September 2024
Awaiting price reaction for this filing.
Riga Sugar Company, currently under liquidation, reported zero revenue from operations for Q2 FY25 and H1 FY25, as sugar manufacturing has been suspended since FY21. The company posted a net loss of ₹550.31 lakhs in Q2 FY25 and ₹1,092.38 lakhs for H1 FY25, widening from losses in the prior year. Net worth remains fully eroded at negative ₹20,120.88 lakhs, with total borrowings of ₹26,265.42 lakhs and all bank loans classified as NPA since September 2018. The auditor issued an Adverse Conclusion, citing unreconciled balances, unassessed impairment of plant and machinery, and unascertained impact of creditor claims under IBC. After the reporting period, the company was sold as a going concern via auction, with a Sale Certificate issued on December 18, 2024, which is why financials were prepared on a going concern basis.
Existing shareholders face near-total loss given fully eroded net worth, continued losses, and ongoing liquidation with creditor claims yet to be settled. The post-period going concern sale to a successful bidder is the only positive signal, offering hope of business revival rather than equity recovery.