Impex Ferro Tech Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2024.
IMPEXFERRO · price
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Impex Ferro Tech submitted its Q1 FY25 results while under Corporate Insolvency Resolution Process (CIRP) initiated by NCLT Kolkata on May 2, 2024, with Ashok Kumar Sarawagi acting as Resolution Professional. The company's manufacturing plant has been shut since October 2022 after power disconnection by DVC. Revenue from operations fell to Rs. 20.79 lakhs (vs Rs. 31.84 lakhs in Q1 FY24), and the company reported a net loss of Rs. 158.22 lakhs, though smaller than the Rs. 350.11 lakh loss a year ago. Accumulated losses stand at Rs. 45,161.54 lakhs, wiping out the net worth entirely. The auditor (V.K. Tulsyan & Co.) issued a Qualified Opinion with a Material Uncertainty Related to Going Concern, flagging unprovided cumulative interest of Rs. 63,020.22 lakhs on borrowings, unreconciled trade balances, and admitted creditor claims of Rs. 91,068.97 lakhs (secured) far exceeding the Rs. 26,124.99 lakhs principal in books. One resolution applicant has been declared the H1 bidder.
Shareholders face extreme risk: the company is insolvent, its net worth is fully eroded, and its future depends entirely on NCLT approval of the resolution plan. Existing equity is likely to be substantially diluted or wiped out, and the stock remains highly speculative pending CIRP resolution.