Financial Results for the quarter ended September 30, 2024
Awaiting price reaction for this filing.
SecUR Credentials reported a massive revenue collapse with Q2 FY25 revenue of just Rs 79.07 Lacs, down 89% from Rs 700.70 Lacs in the same quarter last year. The company posted a net loss of Rs 132.99 Lacs for Q2 and Rs 515.60 Lacs for the half-year. Its other equity has turned negative at Rs (397.36) Lacs, indicating shareholder funds are in deficit. The auditors raised an Emphasis of Matters citing multiple compliance failures: inability to verify GST records and inventory, non-recognition of gratuity provisions and Expected Credit Loss provisions, unpaid statutory dues, a Rs 152.12 Lakh loan to a Director violating Section 185 of the Companies Act, and non-disclosure of current borrowings maturities.
The company is in severe financial distress with near-total revenue erosion and eroded equity base. Multiple accounting non-compliances and the director loan violation signal high governance risk. Shareholders face potential going concern issues.