Outcome of Board Meeting for 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, while total expenses stood at Rs. 204.68 lakhs. The company posted a marginal net profit of Rs. 1.74 lakhs (positive only due to a Rs. 7.18 lakh current tax credit) against a loss of Rs. 39.42 lakhs last year. The auditor issued a 'Disclaimer of Opinion' citing unreconciled advances of Rs. 20.72 crore to suppliers, a Rs. 20 crore payment to CNX Corporation Ltd with no supporting documents, possible violation of deposit rules for Rs. 41.53 lakhs received from individuals, and continuous losses raising going concern doubts. Despite this, the company filed a separate declaration claiming the auditor gave an 'Unmodified Opinion' — a clear misrepresentation. The company raised Rs. 42.22 crore via a Rights Issue in November 2024, which inflated its balance sheet size over five-fold.
Highly negative for shareholders — the auditor has effectively refused to certify the financial statements due to massive undocumented transactions and going concern uncertainty, yet the company publicly misrepresented the audit outcome. Investors should treat this as a serious red flag warranting extreme caution.