Audited Financial Results of the Company for the Quarter & Year Ended 31st March, 2025
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IGC Industries reported zero revenue from operations for FY25, down from Rs 198.51 lakhs in FY24. The company posted a net loss of Rs 6.17 lakhs for the year (vs Rs 39.42 lakh loss in FY24), with a marginal Q4 profit of Rs 1.74 lakhs driven by a Rs 7.18 lakh tax credit. Total assets ballooned to Rs 54.54 crore (from Rs 10.43 crore) after a Rs 42.22 crore rights issue in November 2024, but nearly the entire proceeds appear parked in questionable advances and investments: Rs 20.72 crore in 'Other Current Assets' as supplier advances, and Rs 20 crore invested in CNX Corporation Ltd. Cash flow from operations was deeply negative at Rs 2,183 lakhs. The statutory auditor (ADV & Associates) issued a Disclaimer of Opinion, flagging lack of supporting documents, possible violations of the Companies Act (deposits rules), and raising significant doubt about the company's ability to continue as a going concern due to continuous quarterly losses. Notably, the company filed a separate declaration falsely claiming the auditor had issued an 'Unmodified Opinion'.
This is a deeply negative filing for shareholders. The auditor's disclaimer of opinion, going concern doubts, and unexplained deployment of rights issue proceeds into unverifiable advances and investments raise serious red flags about governance, transparency, and the company's survival. The company's own declaration contradicting the auditor's report is a serious disclosure misrepresentation. Stock is likely to face significant selling pressure and regulatory scrutiny.