Futura Polyesters files delayed Q1 FY24 results; auditor flags going concern risk
Awaiting price reaction for this filing.
Futura Polyesters filed Q1 FY24 results about 3 years late while shares remain under trading suspension. Auditor issued a qualified opinion noting NPA status of borrowings, likely understated finance costs, and unprovided penal interest. Going concern uncertainty flagged: net worth fully eroded, continuous losses, and delayed debt servicing. The company paid a one time settlement of Rs 243.45 crores to consortium lenders in June 2025 and obtained no due certificates. Polyester manufacturing was discontinued in December 2012. Quarterly loss stood at Rs 136.80 lakhs with EPS of negative 0.25 rupees.
Severe red flags - qualified audit opinion, going concern doubt, fully eroded net worth, and shares under trading suspension point to deep financial distress.