Please find attached herewith Audited Financial Results for March 2025 with Auditor Report.
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Harish Textile Engineers reported FY25 total income of ₹13,259.96 lakhs, nearly flat versus ₹13,258.58 lakhs in FY24. The company swung back to a net profit of ₹23.55 lakhs (EPS ₹0.56) from a loss of ₹37.26 lakhs in FY24, helped by lower finance costs (₹395.78 vs ₹546.02 lakhs). Q4 standalone net profit was ₹151.90 lakhs versus a loss of ₹88.51 lakhs in Q4 FY24. The auditor issued a Qualified Opinion because MSMED interest liability on delayed payments to micro/small vendors has not been quantified. The auditor also flagged a Material Uncertainty on Going Concern: net working capital is negative at ₹2,140 lakhs, and the company has defaulted on redemption of certain Non-Convertible Debentures due to a liquidity crunch. The Board dropped its proposed Rights Issue and dissolved the Rights Issue Committee. The company is also pursuing a sale/transfer of its Textile Processing and Finishing Machinery business to an unrelated party via postal ballot.
Multiple red flags for shareholders — a qualified audit opinion, an explicit going-concern uncertainty from the auditor, defaulted debenture obligations, negative working capital, ongoing NCLT/High Court litigation over the PHIL slump-sale, and a drop of the planned Rights Issue all point to serious liquidity and legal stress. The headline swing to profit is small and driven mostly by lower interest costs rather than operating improvement, so this is a high-risk situation rather than a turnaround story.