Financial Results Quarter Ended 31st March, 2023.

RCI Industries and Technologies filed its much-delayed financial results for the quarter and year ended March 31, 2023, signed by the Resolution Professional Mr. Brijesh Singh Bhadauriya, as the company is under Corporate Insolvency Resolution Process (CIRP) since November 25, 2022. Revenue from operations collapsed to Rs 2,301.89 lakhs in FY23 from Rs 5,968.13 lakhs in FY22, a drop of over 60%. The company posted a net loss of Rs 1,719.34 lakhs for FY23 (EPS of Rs -10.97), though narrower than the Rs 7,209.79 lakh loss in FY22. Net worth is fully eroded at negative Rs 13,873.44 lakhs, with total borrowings of around Rs 23,584 lakhs. The statutory auditor M/s R. Bansal & Co. issued a Qualified Opinion citing multiple issues including missing fixed asset records, manipulated asset classifications per the Forensic Audit, unverified CWIP, improper inventory records, and allegations of fraudulent ITC claims of Rs 214 crores. The auditor flagged material uncertainty on the going concern basis, noting the company may not be able to meet liabilities falling due within one year.