Futura Polyesters files Q3 FY23 results; auditor flags going concern doubt

Futura Polyesters filed Q3 FY23 results after a multi-year delay blamed on staff shortages. Revenue from operations is zero as polyester manufacturing has been discontinued since December 2012. Net loss for the quarter was Rs 139.62 lakhs and Rs 415.19 lakhs for nine months. The auditor issued a qualified review report, noting unprovided finance costs and penal interest on borrowings classified as non-performing assets. The auditor flagged material going concern uncertainty, citing continuous losses, fully eroded net worth, and debt servicing delays. The company aims to catch up on all pending filings from 2020 to 2025 and seeks to lift the trading suspension on its shares.