The Exchange had sought clarification from Goyal Aluminiums Limited for the quarter ended 31-Mar-2024 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: The response of the Company is enclosed.
GOYALALUM · price
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Goyal Aluminiums Limited filed its audited financial results for the quarter and full year ended 31 March 2024. Standalone revenue from operations grew about 3.7% YoY to ₹6,846.47 lakhs (vs ₹6,599.01 lakhs), with profit after tax of ₹232.12 lakhs (vs ₹214.99 lakhs), translating to an EPS of ₹0.16 (vs ₹0.15). On a consolidated basis, PAT rose about 18% to ₹255.91 lakhs with EPS of ₹0.18. Operating cash flow, however, fell sharply from ₹472.07 lakhs in FY23 to just ₹62.94 lakhs in FY24, and closing cash on the balance sheet dropped to ₹7.22 lakhs from ₹277.86 lakhs. Current borrowings also rose from ₹70.57 lakhs to ₹148.80 lakhs. Importantly, statutory auditor V.N. Purohit & Co. issued a qualified opinion on both standalone and consolidated results because the company has not implemented accounting software with an audit trail (edit log) feature, which is a regulatory compliance gap. This qualification appeared for the first time.
The qualified audit opinion is a red flag — it signals weak internal controls and a compliance lapse that could attract regulatory scrutiny and erode investor confidence. While headline profit and revenue show modest growth, the steep drop in operating cash flow, near-depleted cash balance, and rising short-term borrowings suggest possible liquidity stress. Shareholders should monitor how quickly the company fixes the audit trail deficiency and stabilises its cash position.