Financial Results for 31st March, 2021, 2022, 2023 and 2024.
Awaiting price reaction for this filing.
Futura Polyesters, whose polyester business was discontinued in December 2012, has finally filed audited financial results for four years (FY2021 to FY2024) in a single board meeting on 10 July 2025, several years late. The auditor (V.S. Somani & Co.) issued a Qualified Opinion for FY2021 and FY2022, flagging that the company has not provided for finance cost on NPA accounts, that net worth is completely eroded, and that balances remain unconfirmed. For FY2021, revenue from discontinued operations jumped sharply to Rs. 1,547.16 lakhs (vs Rs. 147.18 lakhs in FY2020), largely from sale of part of the company's land. Despite this, the company posted a loss after tax of Rs. 377.58 lakhs (vs loss of Rs. 2,005.83 lakhs in FY2020). Total equity stands at a deeply negative Rs. (40,462) lakhs, and the company defaulted on bank dues of Rs. 93.65 crores.
This is a deeply distressed company — negative net worth, NPA-tagged loans, winding-up/NCLT history, and years of delayed filings. However, shareholders may see some relief: in January 2025 lenders accepted a One Time Settlement of Rs. 243.45 crores, and the company fully paid the OTS amount to all consortium lenders on 23 June 2025, which could help it exit default status. Stock remains high-risk and speculative.