In terms of Regulation 30 with Part A of schedule III and Regulation 33 of SEBI (LODR) Regulations, 2015, we hereby enclose the Un-Audited Financial Results of the Company along with Limited ....
Awaiting price reaction for this filing.
Value Industries Limited, a Videocon group company under corporate insolvency resolution process (CIRP) since September 2018, has filed very delayed un-audited quarterly results for Q2 FY25 (Sep 30, 2024). Revenue from operations was just Rs 5.64 million vs Rs 6.16 million in the year-ago quarter, with total expenses of Rs 701.30 million dominated by finance costs of Rs 658.32 million, resulting in a quarterly loss of Rs 700.53 million (H1 FY25 loss: Rs 1,382.76 million). The statutory auditor G A M P & Co issued a 'Disclaimer of Conclusion,' saying it could not obtain sufficient evidence to support the figures, citing missing pre-CIRP records, lack of cooperation from promoters, no Whole-Time Company Secretary/CFO, and unreconciled inventory of Rs 236.64 million. The auditor also flagged a material uncertainty on going concern with negative net worth of Rs (18,208.18) million, borrowings of Rs 25,719.72 million, and the company's exposure as co-obligor to borrowings of Rs 210,123.87 million in other Videocon group entities.
Highly negative for shareholders. With trading already suspended since June 16, 2021, the auditor's disclaimer and explicit going-concern doubt underscore that the company's survival depends entirely on a future CIRP resolution plan. Negative net worth, mounting losses, and massive contingent liabilities from being co-obligor to other group companies' borrowings mean equity holders face near-total wipeout risk.