Financial results for the fourth quarter ended and financial year ended March 31, 2025.
Awaiting price reaction for this filing.
Neogem India Limited, a gems and jewellery company from Mumbai, reported negligible revenue of just Rs. 0.09 lakh for FY25 (vs. Rs. 0.19 lakh in FY24). The company posted a net loss of Rs. 31.56 lakh for FY25, narrower than the Rs. 80.17 lakh loss last year, while basic EPS was Rs. (0.39). Total expenses stood at Rs. 31.65 lakh, of which almost the entire amount was other expenses. Manufacturing has been halted since January 2018, and the company's working capital loans from Punjab National Bank (Rs. 10 crore) and Bank of India (Rs. 5 crore) have been classified as non-performing assets since March 2016. Trade receivables of around Rs. 41.10 crore are stuck with parties for over three years without confirmation, and trade payables of about Rs. 15.99 crore are also overdue for more than three years.
The auditor has issued an Adverse Opinion, flagging material uncertainty about the company's ability to continue as a going concern because it cannot repay its liabilities and shows a negative net worth of about Rs. 35.72 crore once doubtful debtors are provided for. With negligible revenue, manufacturing shut for over 7 years, NPA-tagged bank loans, and ongoing SARFAESI recovery action by Punjab National Bank, shareholders should view this stock as highly risky with low probability of revival absent a successful debt settlement or restructuring.